{"id":18931,"date":"2021-11-23T10:10:00","date_gmt":"2021-11-23T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18931"},"modified":"2021-11-17T09:30:16","modified_gmt":"2021-11-17T17:30:16","slug":"national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/11\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\/","title":{"rendered":"National Housing Starts are Trending Lower, but Vancouver Reported a 50% Increase M\/M"},"content":{"rendered":"<p style=\"text-align: justify;\">The number of housing starts across Canada continued to trend downward in October according to new market insights from Canada Mortgage and Housing Corporation (CMHC).<\/p>\n<p style=\"text-align: justify;\">In a report released today, the federal corporation stated that the standalone monthly seasonally adjusted annual rates (SAAR) of housing starts for all areas in Canada was 236,554 units in October. This is a 5.3% drop from September, when there were 249,922 units.<\/p>\n<p style=\"text-align: justify;\">The SAAR for urban starts dipped 3.7% in October to 214,797 units. Multiple urban starts also dropped by 5.3% to 156,781 units, but single-detached urban starts crept up by just 1% to 58,016 units last month.<\/p>\n<p style=\"text-align: justify;\">The trend in national housing starts fell to 264,264 units in October, down from 270,661 units in September. This trend measure is a six-month moving average of the monthly SAAR of housing starts, CMHC explained. To account for swings in monthly estimates and to gain a \u201cmore complete picture of Canada\u2019s housing market,\u201d CMHC uses the trend measure to complement the monthly SAAR in starts.<\/p>\n<p style=\"text-align: justify;\">\u201cThe six-month trend in housing starts declined from September to October, as the retreat in total starts from their earlier 2021 levels continued,\u201d said Bob Dugan, CMHC\u2019s chief economist, in the report.<\/p>\n<p style=\"text-align: justify;\">\u201cFor SAAR housing starts in Canada\u2019s urban areas, a slight increase in single-detached starts didn\u2019t offset a larger decrease in multi-family starts in October and led to a decline in overall starts for the month,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">On a trend and monthly SAAR basis, Dugan pointed out that the level of housing starts activity in Canada remains high in historical terms. Between Canada\u2019s largest cities \u2014 Toronto, Montreal and Vancouver \u2014 the latter was the only market to show growth in total SAAR starts during October thanks to a rebound in the multi-family segment in the previous month.<\/p>\n<p style=\"text-align: justify;\">Vancouver reported a 50% increase in total month-to-month SAAR starts, rising from 14,195 to 21,227 units. Meanwhile, Toronto and Montreal reported monthly drops of 43% and 17% as SAAR starts fell to 31,591 and 28,180 units.<\/p>\n<p style=\"text-align: justify;\">Within the single-family segment specifically, Montreal and Vancouver reported between a zero and 1% increase in SAAR housing starts from September to October, while starts in this category jumped 7% in Toronto.<\/p>\n<p style=\"text-align: justify;\">For \u201cAll Others\u201d housing types, Toronto and Montreal saw SAAR housing starts fall 49% and 19%, while they rose 63% in Vancouver.<\/p>\n<p style=\"text-align: justify;\">CMHC defines a housing start as when construction begins on a building where a dwelling unit is located, typically when concrete has been poured for the footing around the structure, or the equivalent stage when a basement is not a part of the structure.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/11\/canadian-starts-slow-october.html\" target=\"_blank\" rel=\"noopener\">Canadian Housing Starts Slow Down in October<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of housing starts across Canada continued to trend downward in October according to new market insights from Canada Mortgage and Housing Corporation (CMHC). In a report released today, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18931","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Housing Starts are Trending Lower, but Vancouver Reported a 50% Increase M\/M &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National Housing Starts are Trending Lower, but Vancouver Reported a 50% Increase M\/M &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The number of housing starts across Canada continued to trend downward in October according to new market insights from Canada Mortgage and Housing Corporation (CMHC). In a report released today, &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"National Housing Starts are Trending Lower, but Vancouver Reported a 50% Increase M\\\/M\",\"datePublished\":\"2021-11-23T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\\\/\"},\"wordCount\":436,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-housing-starts-are-trending-lower-but-vancouver-reported-a-50-increase-m-m\\\/\",\"name\":\"National Housing Starts are Trending Lower, but Vancouver Reported a 50% Increase M\\\/M &#8226; 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