Sep 2010 3

Housing Starts in Canada Continue to Moderate

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Photo by Mark Walker Photo by Mark Walker

Canada Mortgage and Housing Corporation reported regular revision of seasonally adjusted annual rate of housing starts in Canada. It hit 189,100 units in July 2010, losing around 1.7% since June 2010. Both urban single and rural starts reduction accounted for the loss, which was partly counterbalanced by increasing number of multiple starts. Housing starts are expected to reach 184,900 units at the end of 2010.

Largest decrease of urban starts was recorded in BC (-14.5%), followed by Ontario (-2.9%) and Quebec (-0.9%). On the other hand, Atlantic region recorded solid 37.8% growth.

2010 housing starts are up by 49.5%, compared to the same period of 2009; BC is the region with strongest growth (compared to 2009). The New Housing Price Index climbed 3.3% year-over-year in June; home prices increased in 18 of 21 centers, Vancouver having the second highest (+6.5%) increase.

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