Starts hit highest level since 2021
By Adam FreillConstruction Residential
CMHC reports the September standalone monthly SAAR housing starts figure landed just shy of 300,000 units; highest level since November 2021.
September’s standalone monthly SAAR of total housing starts for all areas in Canada was at its highest point since November of 2021, coming in at 299,589 units. While not quite at the 305,889 units reported in November of 2021, Canada Mortgage and Housing Corporation (CMHC) says that the gains were significant and represented an increase of 11 per cent over the August figures.
The SAAR of total urban starts increased 12 per cent to 276,142 units in September. Multi-unit urban starts increased 16 per cent to 216,549 units, while single-detached urban starts were flat at 59,593 units.
“September’s increase in monthly SAAR housing starts in Canada’s urban areas was driven by higher multi-unit starts,” stated Bob Dugan, CMHC’s chief economist. “Both the six-month trend and monthly SAAR in housing starts were higher in September compared to August.”
He said that starts are elevated in 2022, adding that the trend in housing starts was 276,682 units in September, up three per cent from 267,813 units in August. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a clearer picture of upcoming new housing supply.