Canada Housing Starts Rise to Highest Level in Five Months

Canadian housing starts in October rose to their highest level in five months, led by construction of multiple-unit projects such as condominiums.

Starts totaled 198,282 at a seasonally adjusted annual pace in October, Ottawa-based Canada Mortgage & Housing Corp. said on its website today. That was up from 195,929 units in September. Economists forecast a reading of 190,800 according to the median of 20 responses to a Bloomberg News survey.

Canadians are growing more confident about the housing market as prices remain buoyant. Former Bank of Canada Governor Mark Carney warned of a possible bubble wreaking havoc on the balance sheets of over-indebted consumers, yet his successor, Stephen Poloz, told lawmakers last week real estate remains firm and consumers are taking steps to curb debt loads.

Urban multiple unit starts gained 0.9 percent to 115,011 units. Single urban starts fell 1.7 percent to 62,423 units.

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