Strong September for housing starts
AI Article Summary
The Canada Mortgage and Housing Corporation reported a strong increase in housing starts in September, with the six-month trend rising more than 4% and actual starts up by 19% year-over-year in centers with populations over 10,000. The monthly seasonally adjusted annual rate (SAAR) also rose by 14% from August figures. Montreal and Toronto saw significant gains in housing starts, primarily driven by multi-unit buildings, while Vancouver experienced a slight decrease. Overall, Ontario, Quebec, and the Prairie provinces contributed to the boost in overall starts, particularly in rental apartments.
What This Means for Canadian Contractors
For Canadian builders, this means a potentially increased demand for permits and materials due to a surge in multi-unit housing projects, especially in major cities like Montreal and Toronto. Builders may need to assess their supply chains and labor capacities to accommodate the rising volume and fast-track projects driven by rental demand. This trend indicates potential higher workloads and timelines for contractors in affected regions.
