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08

Canada Housing Agency Warns About Overbuilding as Starts Surge

By Tony Seruga

Canada’s housing agency warned against overbuilding after a surge in condo and apartment projects took housing starts to a three-year high.

Work on new homes advanced 7.7 percent to 230,701 units at an annual pace in September, the Canada Mortgage & Housing Corp. said Thursday from Ottawa. Urban multi-unit projects such as condominiums and apartments increased 10.5 percent to 157,919 units, and single-family houses by 0.8 percent to 58,275 units.

Homebuilding now exceeds the agency’s forecast for 190,000 new households to be created this year, and suggests companies must guard against a glut of properties they can’t sell fast enough, CMHC chief economist Bob Dugan said in the report…

Canada Housing Agency Warns About Overbuilding as Starts Surge

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