The Canada Mortgage and Housing Corp. (CMHC) reports a modest increase in the annual pace of housing starts for October compared to September.

According to the national housing agency, the seasonally adjusted annual rate of housing starts for October reached 274,681, marking a one percent rise from the 270,669 reported in September.

The upswing is attributed to a two percent increase in the pace of urban housing starts, totaling 257,357 units. In the urban category, multi-unit starts saw a one percent increase at 209,887, while single-detached urban starts experienced a nine percent rise, reaching 47,470.

However, Montreal witnessed a 43 percent decline, and Toronto reported a 24 percent drop in the annual pace of housing starts. Conversely, Vancouver saw a 35 percent increase, fueled by a 40 percent surge in multi-unit starts.

The estimated annual pace of rural starts for October stood at 17,324.

Looking at the six-month moving average of the monthly seasonally adjusted annual rate, October registered 256,280, reflecting a one percent climb from the 253,957 recorded in September.