Housing starts increase for fifth straight month in October
'Strong employment growth' a factor in the increases
Housing starts were up in Hamilton for the month of October, marking five consecutive monthly increases, according to new figures released Monday.
Construction numbers were up at 2,578 units in October compared to 2,065 units in September, according to the 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.
"Strong employment growth and relatively low mortgage rates continued to support housing demand," said Abdul Kargbo, the CMHC's senior market analyst for Hamilton and Brantford.
"Year to date, all the jobs created in Hamilton were full-time positions on a net basis, underscoring employers' confidence in the local economic expansion.
October's standalone monthly SAAR was 4,296 units in October, up from 1,886 units in September. That spike was mostly due to a strong rebound in apartment construction.