OTTAWA, Ontario, September 11, 2001 — The seasonally adjusted annual rate* of housing starts in Canada increased by 11.6 per cent in August to 169,200 units compared with 151,600 units in July, according to Canada Mortgage and Housing Corporation (CMHC).
Urban single starts rose by 9.2 per cent to an annual rate of 79,600 from 72,900 units in July. Urban multiple starts also rose by 19.4 per cent to an annual rate of 67,100 units compared with 56,200. The estimate for starts in rural areas is unchanged at an annual rate of 22,500 units.
"Ontario has been the main contributor for this month's solid performance. In fact, the annual rate of total starts were up 37.3 per cent in Ontario with singles up 20.2 per cent and multiples 58.5 per cent," said Philippe Le Goff, senior economist at CMHC's Market Analysis Centre. "Across Canada, many urban centres are currently affected by a low inventory of unoccupied houses and a low vacancy rate in the rental market. This partly explains why the housing market is still in good shape even though the economy has slowed."
From January to August of this year, the actual number of housing starts (92,035 units) is 9 per cent higher than the same period in 2000 (84,650 units). The single detached market has increased but the main source of strength this year is the multiple market.
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*Most starts figures in this release are seasonally adjusted annual rates (SAAR), that is, actual monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect an annual pace.
Philippe Le Goff