Posted by: MonsterMortgage.ca
The Canada Mortgage and Housing Corporation released July statistics for housing starts. According to the CMHC, housing starts were up on a seasonally adjusted annual pace of 200,098 for the month of July – compared to 198,665 in the month of June and 195,894 in the month prior. The results were greater than the forecasted 193,000 housing starts for the month.
For the months, April through to July, housing starts in Canada have hovered around the 200,000 mark. The rise in these months serves as a sharp contrast to the 10% slide experienced in housing starts during January, February and March. Analysts attributed the poor weather conditions to these poor numbers.
Single-unit starts were up 4.7% to 67,062 units; however, multiple unit starts were in at a decreased 2.0 percent rate to 115,870 units.
The CMHC also noted that the rate of urban housing starts was increased in the Ontario and Atlantic Canada regions, while Quebec, British Columbia and the Prairie regions saw slight decreases in the rate of housing starts.
The report in its entirety can be found on the CMHC website here.