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Mult-Res Projects Spur More Housing Starts
Multi-residential construction projects spurred an increase in Canadian housing starts in September, says the Canada Mortgage and Housing Corporation.
Multi-unit urban starts increased 10% on a quarterly basis to 207,689 units in September as overall commencements rose 8% to 270,466 from August.. Single-detached home construction starts in urban centres increased 3% to 43,077 units.
All figures are the seasonally adjusted annual rate.
“It seems the current higher interest rate environment has not yet had the expected negative impact on multi-unit construction activity so far in 2023,” said Bob Dugan, CMHC’s chief economist, in a news release.
Montreal starts soared 98% and Toronto starts jumped 20%. But Vancouver saw overall declines due to fewer multi-residential construction launches.
Vancouver recorded a 17% overall reduction and 18% decrease in multi-unit starts.
On a year-to-date basis, Vancouver overall starts were up 37% from the first nine months of 2022, while Toronto launches climbed 22%. But on a monthly basis, overall construction starts dropped 8% from September 2022.
CMHC’s September findings came after apartment projects drove first-half 2023 construction starts.
- ◦Development