CMHC reports November housing starts up 9.4 per cent from October
AI Article Summary
The Canada Mortgage and Housing Corp. (CMHC) reported that the annual rate of housing starts in Canada increased by 9.4% in November compared to October. The seasonally adjusted annual rate was 254,058 units, up from 232,245 units the previous month. Despite this growth, housing starts in urban centers with populations over 10,000 were down by 3% year-over-year. The year-to-date total for housing starts reached 219,077 units, reflecting a 4% increase from the previous year.
What This Means for Canadian Contractors
For Canadian builders, this increase in housing starts suggests a renewed demand for residential construction, which may lead to a rise in the need for construction permits and could impact timelines for project completion. This trend can also influence the supply chain, particularly in the supply of materials, possibly leading to increased costs. Understanding these dynamics will be crucial for managing future projects efficiently.
