The impact of high interest rates hasn't weighed as heavily on apartment construction, leading to an unexpected uptick in Canadian housing starts in September., the monthly seasonally adjusted annual rate of housing starts rose to 270,466 units in September, an 8% increase from August.
Meanwhile, total housing starts dropped 75% in Prince Edward Island, 48% in Saskatchewan, and 19% in British Columbia on a monthly basis as the summer came to an end. "In fact, September was the second highest month this year for multi-unit starts. It seems the current higher interest rate environment has not yet had the expected negative impact on multi-unit construction activity so far in 2023."
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