Construction on new homes rose 8 percent in October, still below what is needed for affordability, says the Canada Mortgage and Housing Corporation (CMHC).
Numbers released by CMHC show housing starts for all areas in Canada increased from 223,391 units in September to 240,761 units in October, according to a Nov. 18 news release.
The data was based on a six-month moving average of the seasonally adjusted annual rate of total housing starts across the country.
CMHC chief economist Bob Dugan said the numbers are well below what is required to restore affordability in Canadian cities.
Some parts of Canada are seeing more movement on housing starts than others, he said….