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WatchPace of home construction especially condos slows in Canada

OTTAWA — The pace of housing starts in Canada slowed in September compared with August.Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts slipped to 217,118 units in September, down from 225,918 units in August.The annual pace of urban starts fell 5.1 per cent in September to 198,910 units as the pace of multi-unit urban starts dropped 10.7 per cent to 131,388.Single-detached urban starts climbed 8.2 per cent, to 67,522.The pace of rural starts were estimated at a seasonally adjusted annual rate of 18,208.The six-month moving average of the overall monthly seasonally adjusted annual rates of housing starts slipped to 214,821 in September compared with 220,573.Data today also showed that the value of Canadian building permits fell more than expected in August, the second straight monthly decrease, on lower construction intentions for multifamily homes as well as industrial facilities, Statistics Canada said on Tuesday.The 5.5 per cent decrease in total building permits surpassed forecasts for a decline of 1.0 per cent. July was revised to show a decrease of 2.8 per cent from the previously reported 3.5 percent fall. Nonresidential building permits fell 10.0 per cent in August as construction intentions for industrial, commercial and institutional buildings all declined in the month.Residential permits fell 2.8 per cent as a 6.0 per cent drop in multifamily building permits offset a 0.4 per cent increase in plans to build single-family homes.With files from Reuters


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