CMHC says annual pace of housing starts slowed in August compared with July
Houses under construction in Toronto are shown in this Friday, June 26, 2015 file photo. (File/THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, September 11, 2018 9:33AM EDT
OTTAWA -- Canada Mortgage and Housing Corp. says the pace of housing construction starts slowed in August compared with July.
The agency says the seasonally adjusted annual rate of housing starts was 200,986 units in August, down from 205,751 units in July.
Economists had expected an annual pace of 210,300 starts for August, according to Thomson Reuters Eikon.
The decrease came as the annual pace of urban starts fell 2.5 per cent to 184,925 units. Starts of urban multiple-unit projects such as condos, apartments and townhouses fell 2.4 per cent to 132,700 units in August while single-detached urban starts fell 2.6 per cent to 52,225 units.
Rural starts were estimated at a seasonally adjusted annual rate of 16,061 units.
CMHC says the six-month trend for housing starts was 214,598 units in August, down from 219,656 in July.
"The national trend in housing starts continued to decline in August from the historical peak that was recorded in March 2018," CMHC chief economist Bob Dugan said.
"This moderation brings total starts closer to historical averages, largely reflecting recent declines in the trend of multi-unit starts from historically elevated levels earlier in the year."