Canadian housing starts fall to lowest in almost two years
Builders began work on an annualized pace of 188,683 units last month, down 5.1 per cent from August, Canada Mortgage and Housing Corp. said. It was a third straight monthly decline and the lowest since November 2016, driven by an 8.9 per cent drop in urban multiple-unit projects. Construction on new single-unit homes rose 2 per cent.
Canadian housing has been slowed this year by rising mortgage rates and tougher qualification rules, and Tuesday’s report adds to evidence the market has begun to act as a drag on economic growth.