OTTAWA — Canadian housing starts declined in October at a steeper than anticipated pace as construction activity related to condominiums waned.
Housing starts for October came in at a seasonally adjusted annualized rate of 236,554 units, a 5.3% decrease from a revised 249,922 units in September, Canada Mortgage and Housing Corp. said Tuesday. Market expectations were for October housing starts to hit 255,000, according to economists at Desjardins Securities.
Even with the decline, economists note housing starts remain at a fairly high level on a historical basis.
The trend measure for September, or a six-month moving average of the monthly seasonally adjusted annual rate of housing starts, fell to 264,264 units, from 270,661 units in the previous month.
CMHC said urban starts of single-detached homes rose 1%, although that was offset by a 5.3% drop in the multifamily unit category.