Housing starts lower in July, fewer multiple unit projects after busy June: CMHC

Canada Mortgage and Housing Corp. says there was a slowdown in housing construction starts in July, following a near-record high in the previous month.

According to the CMHC, July saw a slowdown of new housing construction starts across Canada, following a very strong June. Photo by Karl Bauschardt via Flickr Commons.
According to new data from the CMHC, the month of July saw a slowdown of new housing construction starts across Canada, following a very strong June. Photo by Karl Bauschardt via Flickr Commons.

The federal Crown corporation says the seasonally adjusted annualized rate of housing starts dropped to 206,314 units in July, from 246,200 in June.

Urban multiple-unit projects such as condos and apartments declined by 20.3 per cent from June to 136,231 units in July, while single-detached urban starts decreased by 3.6 per cent month-over-month to 53,862 units.

Rural starts were estimated at a seasonally adjusted annual rate of 16,221 units in July.

CMHC notes that the six-month trend for housing starts remained well above historical averages due to elevated levels of multi-unit housing starts in most major markets.

In a separate report, Statistics Canada says its national index of new housing prices edged up 0.1 per cent in June, mainly due to higher construction costs.

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