Annual rate of housing starts slips in September: CMHC
The seasonally adjusted annual rate of housing starts reached 150,100 units in September, down from 157,300 units in August. Canada Mortgage and Housing Corp. attributes the decline to a 21.4 per cent drop in multiple-unit starts, to 62,700. The agency reports urban singles rose 16.8 per cent to 68,800 units, their highest level so far this year. CMHC says housing demand has strengthened and predicts housing starts will be stronger in the second half of 2009. The seasonally adjusted annual rate of urban starts declined 5.2 per cent to 131,500 units in September. Urban starts rose 11.8 per cent in Ontario and fell 20.2 per cent in Quebec, 18.1 per cent in British Columbia and 4.7 per cent in the Atlantic. They were unchanged in the Prairies.
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units in September.
Average home prices up slightly: survey
The housing market may be recovering, but is experiencing an undersupply of homes for sale in southern Ontario and elsewhere in Canada.
That’s according to the latest house price survey by Royal LePage.
It says with the recession retreating, home prices are stabilizing and unit sales are increasingly driven by improved affordability. Royal LePage says the average price of a two storey home in Canada is up just 0.1 per cent from a year ago at $409,335. Average bungalow values grew 0.06 per cent year-over-year to $341,146, while the price of an average condo increased 0.09 per cent to $243,748. Royal LePage says a shortage in housing supply is leading to bidding wars in several cities, including Edmonton, Calgary, North and West Vancouver, and Victoria. While the Atlantic provinces saw a strong recovery in home prices, British Columbia and Alberta have been slower to recover from significant price corrections in 2008.