Canadian housing market has not been seriously affected by the global economic slowdown so far, according to the annual rate of housing starts posted in October which showed a mild decline from the previous month, as the latest report by the Canadian Mortgage and Housing Corporation shows.

Starts of new homes have declined 3.1% from September to October in Canada to a seasonally adjusted 211,800 yearly rate, from upwardly revised 218,600 annual rate posted in September.

Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre affirms that despite the monthly decline, Canadian housing market remains strong: “Housing starts remained strong in October and are consistent with our new home construction forecast for 2008. “The slight decrease in housing starts is the result of declines in both single-detached and multiple starts in October.”