____Thursday October 13, 2016 ____

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Housing

Ontario Housing Starts Ease in September

Toronto - Housing starts in the Ontario region were trending at 71,289 units in September, down from 74,244 units in August, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The Ontario residential construction trend eased in September due to the more volatile multi-unit sector. Starts for single detached homes remained elevated. Housing starts still remain above provincial estimates of the rate of household formation. A slower pace of job growth moving forward, and more balance in the resale market should encourage convergence between starts and the rate of household formation," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.

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