The Canadian housing market could finally be recovering, according to recent data from the Canada Mortgage and Housing Corporation (CMHC).

Housing starts in October were up to 157,300 units from 149,300 in September, according to the data, indicating that things could be headed towards a buyer’s market.

“The improvement in housing starts in October is attributable to improvement in the multiple starts segment,” said CMHC chief economist, Bob Dugan. “Despite a small decline in single home starts in October, the level of single home starts remains at its second highest level since October 2008.”

Urban starts were also up 5.2 percent to 139,900, and CMHC forecasts new home constructions for 2010 will also go up from 150,300 to 164,900.

Source: http://www.mortgagebrokernews.ca/news/a-recovery-in-the-making-cmhc/38556
Thursday, 12 November 2009