Tuesday, October 9, 2007

Canadian Starts Up in September

Housing starts in Canada for September were up 19.6% over August to a seasonally adjusted annualized rate of 278,200 units, according to the Canada Mortgage and Housing Corporation (CMHC). The mark was 0.2% higher than levels for September of last year.
“The rise in September housing starts reflects a strong multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “In particular, the robust results achieved this month can be mostly attributed to increased condominium starts, which reflect strong condo sales over the past 12 to 24 months. Despite this sizeable growth in September, we continue to expect that housing starts will decrease gradually between now and the end of 2008.”

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