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Housing Starts Fall in October

OTTAWA, Ontario, November 8, 2005 — The seasonally adjusted annual rate1 of housing starts was 206,700 units in October, down from 229,600 units in September, according to Canada Mortgage and Housing Corporation (CMHC).

"Although residential construction activity declined in October, housing starts across Canada have now been above the 200,000 level for 29 consecutive months," said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. "Low mortgage rates and full-time job creation continue to be a boon for new home construction."

The seasonally adjusted annual rate of urban starts fell 11.4 per cent to 177,100 units in October with decreases in both single and multiple starts. The more volatile multiple starts segment dropped 14.6 per cent to 88,300 units, while single starts declined 7.9 per cent to 88,800 units in October compared to September.

Urban housing starts were down across all regions except for the Atlantic in October. Housing starts were down 16.9 per cent to 54,400 units in Ontario, 15.4 per cent to 38,400 units in the Prairies, 12.3 per cent to 39,800 units in Quebec, and 1.1 per cent to 34,700 units in British Columbia. In the Atlantic region, the seasonally adjusted annual rate of urban starts rose 16.7 per cent to 9,800 units.

Rural starts in October were estimated at a seasonally adjusted annual rate of 29,600 units.

For the first ten months of 2005, actual urban starts were 5.7 per cent lower than in the same period in 2004. Year-to-date single starts decreased 10.8 per cent, while multiple starts declined 0.3 per cent compared to the same period last year.

1. All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

Information on this release:

Bob Dugan
CMHC
(613) 748-4009
bdugan@cmhc-schl.gc.ca

For regional starts information contact:

Atlantic provinces:
Alex MacDonald
CMHC
(902) 426-8964
amacdona@cmhc-schl.gc.ca

Quebec:
Kevin Hughes
CMHC
(514) 283-4488
khughes@cmhc-schl.gc.ca

Ontario:
Ted Tsiakopoulos
CMHC
(416) 218-3407
ttsiakop@cmhc-schl.gc.ca

Prairie provinces:
Vinay Bhardwaj
CMHC
(403) 515-3004
vbhardwa@cmhc-schl.gc.ca

British Columbia:
Carol Frketich
CMHC
(604) 737-4067
cfrketic@cmhc-schl.gc.ca

Canadian Housing Starts Chart October 2005

Housing Starts, Actual and SAAR*

September 2005
Final

October 2005
Preliminary

Actual
SAAR
Actual
SAAR
Canada, all areas 20,797 229,600 18,771 206,700
Canada, rural areas 3,099 29,800 2,862 29,600
Canada, urban centres** 17,698 199,800 15,909 177,100
Canada, singles, urban centres 8,640 96,400 7,859 88,800
Canada, multiples, urban centres 9,058 103,400 8,050 88,300
Atlantic region, urban centres 707 8,400 845 9,800
Quebec, urban centres 3,822 45,400 3,537 39,800
Ontario, urban centres 5,762 65,500 5,075 54,400
Prairie region, urban centres 4,180 45,400 3,507 38,400
British Columbia, urban centres 3,227 35,100 2,945 34,700

Source: CMHC

*Seasonally adjusted annual rates
** Urban centres with a population of 10,000 persons and over.
Detailed data available upon request.

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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