August numbers reveal surprise construction boom

OTTAWA – CMHC says the pace of housing starts was higher in August, mainly due to a few, big multiple-unit projects in Toronto.

The agency says there were 19,860 actual starts in August.

Extrapolating that this pace would continue for 12 months and adjusting for variables produced a seasonally adjusted annual rate of 224,900 units for August, up from 208,000 in July.

The seasonally adjusted annual rate of urban starts increased by 10.2 per cent to 205,900 units in August.

Urban single starts remained relatively unchanged in August at 64,300 units, while multiple urban starts increased by 15.5 per cent to 141,600 units.

August’s seasonally adjusted annual rate of urban starts increased by 47.5 per cent in Atlantic Canada, by 20.4 per cent in Ontario, by 18.2 per cent in British Columbia and by 1.3 per cent in the Prairies, while they dropped by 9.8 per cent in Quebec.




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August numbers reveal surprise construction boom

  1. Last gasp of the credit bubble. No surprise really. The only surprise is it’s gone on this long.

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