Mortgages of Canada CEO sees more bankruptcies as interest rates continue to climb
Canada Mortgage and Housing Corp. says the annual pace of housing starts in September rose to the highest level since November 2021.
The national housing agency says the seasonally adjusted annual rate of housing starts for September was 299,589 units, up 11 per cent from 270,397 in August.
The increase came as the annual pace of urban starts rose 12 per cent to 276,142 in September.
The rate of multi-unit urban starts gained 16 per cent at 216,549, while the pace of single-detached urban starts was flat at 59,593.
Rural starts were estimated at a seasonally adjusted annual rate of 23,447.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts was 276,682 in September, up three per cent from 267,813 in August.
This report by The Canadian Press was first published Oct. 18, 2022.
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