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.
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.