Canada: Housing starts ease in July
August 11, 2016
Seasonally-adjusted annualized housing starts registered 198,400 units in July, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a substantial 9.1% decrease over June’s revised 218,300 units (previously reported: +186,700 units). Markets had expected a weaker reading of 1950,000.
The six-month moving average in housing starts was 201,900 in July, which marked a 2.1% increase over the previous month’s 197,800. The CMHC commented that, “July’s housing starts continued to pick up pace, as construction strengthened in BC and Ontario’s multi-unit segments. This reflects continued strong demand for lower-priced homes and low inventories of completed and unsold new units.”
Author: Robert Hill, Economist