Housing starts increase for fifth straight month in October

Housing starts were up in Hamiltonfor the month of October, marking five consecutive monthly increases, according tonew 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) ofhousing 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.