Canadas homebuilding pace ramps up but heres where arrears risk grew – National [Video]

The pace of housing starts in Canada last month were up by about eight per cent compared to September, according to the Canada Mortgage and Housing Corp.

But not all areas saw the same growths, with annual year-to-date housing starts in Ontario down 18 per cent and 11 per cent in B.C., as the agency also warns of a potential rise in mortgage arrears.

The country saw housing starts in October reach 240,761 units, an increase from the 223,391 seen in September.

A driving force behind this increase was the urban centres, the CMHC said, which were an average six per cent higher compared to last month.

“Despite these results, we remain well below what is required to restore affordability in Canada’s urban centres,” Bob Dugan, the CMHC’s chief economist, cautioned in the report.

According to the numbers released, actual year-to-date housing starts saw higher activity in Alberta, Quebec and the Atlantic provinces compared to …