Canadian Housing Starts Slump in August as Construction Continues to Slow

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.

Source: CMHC

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.

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.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Canada’s Housing Crisis: New Projections Show Increased Supply Gaps in Key Provinces

The CMHC recently updated its June 2022 Supply Gaps Estimate (SGE) report that assesses the...

Sunday, September 17, 2023, 07:18:00 AM

US Mortgage Rates Fall Below 3% Amid Concerns Over Second Wave of COVID-19

Just last week mortgage rates in the US appeared to show a slight increase as...

Friday, June 12, 2020, 02:04:00 PM

Canada Revives Wartime Housing Program To Enable Faster Builds

In a bid to accelerate housing development and reduce construction timelines, the Canadian federal government...

Tuesday, December 12, 2023, 07:21:00 AM

Housing Market Slowdown in June Becoming Increasingly Evident

It appears that Canada’s housing market may be beginning to show signs of a slow-down...

Tuesday, July 21, 2020, 01:57:53 PM

Canadian Home Sales Increase for First Time in Six Months in September

Home sales across Canada increased for the first time in six months in September, as...

Monday, October 18, 2021, 10:14:00 AM