The Toronto skyline in Canada

Canada Housing July 2019

Canada: Housing starts tick down in July, but remain elevated

Housing starts on a seasonally-adjusted annualized rate (SAAR) basis fell to 222,013 units in July, according to the Canada Mortgage and Housing Corporation (CMHC), down from June’s revised 245,455-units reading (previously reported: 245,657) but beating market expectations. July’s dip was driven by a fall in multiple and single-detached urban starts.

Meanwhile, the six-month average of housing starts on a SAAR basis increased to 208,970 units in July from 205,765 units in June.

Commenting on July’s print, Sri Thanabalasingam, an economist at TD Economics, noted:

“On the whole, homebuilding appears to be more robust than previously thought. While residential investment gains are expected to weaken from an extraordinary second quarter, solid fundamentals – increasing population, low interest rates and rising wages – suggest residential investment could see sustained healthy gains through the second half of this year.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest