Positive home construction numbers another sign of recovering economy
New home construction across Canada grew during the month of November, yet another sign that the national economy is recovering, and more people may be looking for the lowest Canadian mortgage rates in order to buy properties.
Data from the Canada Mortgage and Housing Corporation showed that the seasonally adjusted annual rate of housing starts was 187,200 in November, an increase of more than 11 percent compared to October's numbers. Leading the way was a 20.9 percent increase in urban multiple starts – showing an increased demand for apartments and condos.
The growth was strongest in Ontario, where urban starts increased by more than 82 percent, which made up for a 24 percent decrease in the country's other urban areas.
Officials added that demand next year would settle into a more normal level of roughly 175,000 units per year.
The strong growth in new homes is also evident in rising home prices. Data from Statistics Canada showed a 0.1 percent increase in new home prices during the month of October compared to the previous month. Prices are also 2.5 percent above their levels from last year.