September saw an impressive eight per cent surge in the annual pace of housing starts in Canada, according to the Canada Mortgage and Housing Corp. This marked an increase from 250,383 units in August to 270,466 in September.
Interestingly, urban housing starts played a significant role in this upward trend, registering a nine per cent rise to 250,766 in September. More specifically, the rate of multi-unit urban starts grew by ten per cent, settling at 207,689 units. In parallel, single-detached urban starts showed a slight increase, rising three per cent to an estimated 43,077.
However, rural starts did not follow the same trajectory, plateauing at an annual rate of 19,700 units.
Apart from the strong performance in September, a broader examination of the Canadian housing market reveals a consistent growth trend. Observing the six-month moving average of the monthly seasonally adjusted annual rate of housing starts – there’s a visible uptick. An increase of 3.9 per cent is measured as we moved from August’s 244,511 to September’s highs of 254,006 units.
The data paints an optimistic picture of the Canadian housing market trend, suggesting a steadily strengthening key economic industry. As prospective homeowners and investors alike consider their next step, this surge in housing starts signals promising potential for eminent growth in the real estate landscape across both urban and rural parts of the nation.
