The pace of housing starts across Canada slowed in August, as new construction continues to decline from previous record-highs.
According to the CMHC, the adjusted annual rate of housing starts slumped from 270,744 units in July to 260,239 units last month, marking a decrease of 3.9%. Urban starts fell 4.7% in August to 235,782 units, multiple urban starts decreased 5.7%, and single-detached urban starts were also down 2% to 62,662 units. The CMHC estimates that rural starts stood at a seasonally adjusted annual rate of 24,457 units in August.
The latest decline comes as construction activity recedes from the year’s previous highs. Although both single-detached and multi-family starts were down across major urban areas in Canada, the overall level of housing starts still remains elevated compared to historical averages.
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Information for this briefing was found via the CMHC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
