Housing starts for all areas in Canada stood at 226,270 units as of November 2017, according to new data from the Canada Mortgage and Housing Corporation (CMHC).
This trend – which was a considerable increase from the 216,642 units in October 2017 – represented the highest level in almost a decade, CMHC chief economist Bob Dugan said. Accelerated construction in Toronto was a major factor in this development, Dugan added.
Read more: Economists baffled at Canada’s condo boom
The standalone monthly seasonally adjusted annual rate (SAAR) of housing starts across Canada was 252,184 units last month, up from 222,695 units in October. Meanwhile, urban starts’ SAAR grew by 14.4% in November, up to 235,412 units.
Multiple urban starts rose by 16.9% to 175,016 units in the same time frame, and single-detached urban starts increased by 7.5% to 60,396 units.
The Vancouver market’s SAAR was relatively lower in November due of a slackening in apartment starts. “Fewer multi-family condo and rental projects are getting underway in the City of Vancouver, Richmond, and on the North Shore,” the report noted.
Pace of home building nationwide showing strength
Canadian housing sector exhibiting overvaluation and price acceleration – CMHC