Canada's housing starts rise 1% in October, more than estimate

By Ovunc Kutlu

ISTANBUL (AA) - Housing starts in Canada increased 1% in October and rose more than expectations, according to Canada Mortgage and Housing Corporation (CMHC) figures released Thursday.

Housing starts stood at 256,280 units in October, slightly up from 253,957 units recorded in September, CMHC said in a statement.

The estimate for the figure was to come in at around 252,900 in October.

The North American country saw housing starts plummet 23% to 202,494 units in May -- the lowest in more than three years.

"Despite the upward trend in October, driven once again by persistent multi-unit starts activity off-setting declines in single detached starts, actual year-to-date starts are down," CMHC's Chief Economist Bob Dugan said in a statement.

"We will need to find innovative ways to deliver more housing and close the supply gap in this challenging economic environment," he added.

Montreal and Toronto saw seasonally adjusted annual rate declines in total housing starts during October, by 43% and 24%, respectively.

Vancouver, on the other hand, recorded an increase of 35%, driven by a 40% increase in multi-unit starts, according to CMHC.