Housing Starts In Canada Calmer

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October 18, 2009

The seasonally adjusted annual rate of housing starts in Canada dropped to 150,100 in September from August’s 157,300 units, according to report from Canada Mortgage and Housing Corporation. Despite this fact, experts believe that the second half of 2009 will finally deliver higher numbers than the first 6 months.

As explained by Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre, the drop was caused mainly by the multiple starts segment slowdown. Urban multiple starts recorded a 21.4% drop. Conversely, the more important indicator, which are the starts of single homes, reached the highest level this year in September with 68,800 homes, up almost 17% since August.