Ontario's surge drives housing starts higher
Ottawa— The Canadian Press
Published Wednesday, Dec. 08, 2010 8:49AM EST
Last updated Wednesday, Dec. 08, 2010 8:54AM EST
Canada Mortgage and Housing Corp. reports housing starts took a jump in November.
The seasonally adjusted annual rate was 187,200 units, up from 167,800 in October.
CMHC attributes the hike primarily to a strong increase in urban multiple starts in Ontario.
The agency says Ontario's increase — based on several major apartment projects in Toronto — was more than enough to offset declines in all other regions of the country.
The agency predicts housing starts will align themselves to demographic demand next year, which it estimates at about 175,000 units annually.
The seasonally adjusted annual rate of urban starts increased by 14.6 per cent to 163,100 units in November.
Urban multiple starts went up 20.9 per cent to 101,800 units, while single urban starts moved up 5.5 per cent to 61,300.
November's seasonally adjusted annual rate of urban starts increased 82.8 per cent in Ontario. Elsewhere, urban starts decreased 24 per cent in Atlantic Canada, 21.3 per cent in British Columbia, 15.2 per cent in Quebec and 1.5 per cent in the Prairies.
Rural starts were estimated at a seasonally adjusted annual rate of 24,100 units in November.