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Growth in Urban Housing Starts Continues in October
Growth in urban housing starts continued in October,
according to preliminary data1 released today by Canada Mortgage and Housing
Corporation (CMHC). October’s total housing starts soared 27 per cent, with 151 posted
across provincial urban centres versus 119 a year ago. Of the 151 starts, 127 occurred
within the St. John’s metro area compared to 99 last October, an increase of 28 per
cent. To date, urban housing starts total 1,442, up 16 per cent over the first ten months
of 2006.
“October’s total housing starts marks the fifth month in a row where growth in residential
construction was recorded over last year,” said Chris Janes, Senior Market Analyst with
CMHC in Newfoundland and Labrador. “Solid economic and demographic fundamentals,
paired with a high level of consumer confidence, are driving the demand for new homes
across the province,” added Janes.
For Canada’s urban centres, total housing starts fell nine per cent to 16,057 in October
over October of 2006. Single-detached starts shed ten per cent to 7,370, while multiple
starts of 8,687 represent a seven per cent decline compared to last year. Throughout
Atlantic Canada, there were 757 urban housing starts, a notable 25 per cent gain over
October of last year.
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