September housing starts up in London
Published Tuesday, October 10, 2017 10:10AM EDT
Last Updated Tuesday, October 10, 2017 11:21AM EDT
Both single-detached and multiple housing starts in London posted the highest levels for the month of September since 2006, according to the Canada Mortgage and Housing Corp.
The CMHC says strong population growth and recent income gains have strengthened demand for new single-detached homes – encouraging builders to continue to keep single-detached starts elevated over recent months.
There were 357 housing starts in September of 2017, compared to 178 in the same month last year. That’s a 101 per cent increase.
The seasonally adjusted annual rate of housing starts in London dropped to 4,168 in September, down four per cent from August at 4,339.
Meanwhile, the pace of housing starts in Canada slowed in September compared with August.
Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts slipped to 217,118 units in September, down from 225,918 units in August.
The annual pace of urban starts fell 5.1 per cent in September to 198,910 units as the pace of multi-unit urban starts dropped 10.7 per cent to 131,388.
Single-detached urban starts climbed 8.2 per cent, to 67,522.
The pace of rural starts were estimated at a seasonally adjusted annual rate of 18,208.
The six-month moving average of the overall monthly seasonally adjusted annual rates of housing starts slipped to 214,821 in September compared with 220,573.
With files from The Canadian Press.