Canada Mortgage and Housing Corp. (CMHC) said the annual pace of housing starts rose 11%
in September from August, reaching the highest level since November 2021.
The federal housing agency reported that the seasonally adjusted annual rate of housing starts
in Canada during September was 299,589 units, up 11% from 270,397 in August.
The increase was mostly due to urban housing starts rising 12% in September. Multi-unit urban
housing starts gained 16% during the month, while single-detached urban starts were flat.
The September increase in housing starts comes at a time when home sales and prices are
falling rapidly across Canada due to rising interest rates that are making it more difficult for
people to qualify for and afford a mortgage.
