Pace of urban housing slows in October.

Canada Mortgage and Housing Corp. says the pace of housing begins a slowdown in many districts of the nation in October, with a particularly enormous drop in British Columbia.
The office says the occasionally balanced yearly rate tumbled to 192,928 units in October, down from 219,363 units in September.
Various unit urban begins dropped 15.3% to 115,402 units for the month. The annual pace of urban started in B.C falling to 27,000 in October compared with 50,000 in September.
“October’s tally brings activity back down to the very stable (and fundamentally supported) range seen between 2010 and mid-2015, before activity broke out to the upside\,” BMO economist Robert Kavcic said in a note. “We’ll see if this level of activity, particularly in Vancouver where starts fell to the lowest since 2011, holds in the months ahead in response to softening demand conditions.”
“Residential construction activity remains a highly regional story in Canada,” Kavcic said. “The new development in October was the falloff in Vancouver, which could be the first sign that builders are responding to much softer demand in that region.”
CMHC says the pace of urban housing begins rising up in Ontario but there were drops in Quebec, the Prairies, Atlantic Canada and British Columbia.