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Canada's housing market cools in October
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Thu Nov 8, 2007 12:21 PM EST: ]! H! B5 K& N1 ]5 Y0 V# L
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TORONTO (Reuters) - Canadian housing starts fell 22 percent in October to a seasonally adjusted annualized rate of 219,500 units from 281,300 units in September, Canada Mortgage and Housing Corp said on Thursday.5 O3 s, r( f8 X( U8 Q. G
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The number of starts in October lagged the consensus expectations of analysts who had called for 228,000 starts.
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"The decline in housing starts in October reflects the exceptional strength in new construction in September rather than weakness in October," said Bob Dugan, chief economist at CMHC's Market Analysis Center.
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7 i# `! C% J5 o, `"We continue to expect that residential construction activity will remain strong throughout next year, with the trend decreasing gradually between now and the end of 2008."Urban singles declined 6 percent to 84,900 units from 90,300, while urban multiples fell 36 percent to an annual rate of 98,700 units from 154,100 in September. Rural starts in October were estimated at an annual rate of 35,900 units from 36,900 in September. |
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