Canada: Housing starts decline in July
August 9, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts fell to 208,500 units in July, which was down 6.1% from a revised 222,100 units in June (previously reported: 222,700 units). The reading came in below market expectations that had housing starts moderating to 213,000 units. According to the CMHC, July's deterioration mainly reflected a decrease in the multiples segment. The 6-month moving average, however, rose 0.6% over the previous month, from 218,200 units in June to 219,600 units in July, and thus continues to follow a well-established upward trend. The CMHC estimates that housing starts will reach 202,700 units in 2012 and 195,700 units in 2013.