New Home Builds Slow Down
The number of newly built homes in Canada slowed by 2.5%, offsetting the 1.9% growth it saw in August.
The seasonally adjusted annual rate (SAAR) of housing starts dropped to 221,202 units from 226,871 units in August, according to Canada Mortgage and Housing Corporation.
However, the September figure was still higher than the 214,500 units that economists have expected on average, according to financial markets data firm Refinitiv.
The overall decline in the pace of housing starts came as the pace of urban starts dropped by 2.4% to 208,503 units. Urban starts of apartment, condo and other multi-unit housing projects edged down by 0.2% to 159,742, while the starts of single-detached urban homes dipped by 9.2% to…