Canada: Housing starts decline in August

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CMHC/Fordaq
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Canada Mortgage and Housing Corp (CMHC) reported on Wednesday (9-15-21) that the annual pace of housing starts in Canada in August slowed when compared with July, as the rate of new home construction continued to decline from their highs earlier in the year. According to the CMHC, the seasonally adjusted annual rate of housing starts was 260,239 units in August, down from 270,744 in July.

The pace slowed as the annual rate of urban starts fell -4.7% in August to 235,782. The annual rate of urban starts for apartments, condos, and other types of multiple-unit housing projects dropped -5.7% to 173,120, while the rate of single-detached urban starts fell -2% to 62,662.

CMHC estimated rural starts at a seasonally adjusted annual rate of 24,457.

The six-month moving average of the monthly seasonally adjusted annual rate of housing starts was 283,971 in August, down from 286,076 in July.

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