Housing starts rise, 61% in one market

Housing starts rise, 61% in one market

Housing starts rise, 61% in one market The six-month trend of Canadian housing starts remained strong in August.

CMHC said that the trend was 219,447, up from 217,339 in July while the standalone (SAAR) figure for August was 223,232 units, up from 221,974.

“Canada’s trend in housing starts was above the 200,000 unit mark for the eighth consecutive month,” said Bob Dugan, CMHC’s chief economist. “Demand for new homes remains strong, consistent with consumer confidence which reached its highest level in ten years.”

Housing starts surged 61% year-over-year in Hamilton with strong growth for both single-family houses and multifamily units. There was also sizeable rise in Trois-Rivieres largely due to new seniors housing.

For Toronto, an 8% rise in starts was driven by new apartments but low-rise homebuilding also continued to show strength. There was also a significant rise for starts in Kelowna, again driven by the multifamily sector.

Vancouver starts were flat but remained well above the historical average.

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