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August Housing starts fall!

September 9, 2016 - Updated: September 9, 2016

According to CMHC, the trend measure of housing starts in Canada were lower in August 195,640 in comparison to 201,379 in July. This trend is a 6 month moving average.

 

"Housing starts declined in August, as construction of multi-unit dwellings slowed in most regions, led by lower activity in Alberta and Manitoba” said Bob Dugan, CMHC Chief Economist. "However, housing market activity levels remain elevated and this decline in starts is the market's response to increasing levels of supply. Multi-unit inventories are above average in several major markets across the country."

 

The standalone monthly Seasonally adjusted rate of starts in all areas of Canada 182,703 units in August which is down from the 194,663 units in July. Urban starts were down by 6.1% in August. Multi Urban were down by 7.3% (111,378 units) and Single family detached urban starts went down by 3.7% (56,501 units). The Prairies, British Columbia, Ontario and Atlantic Canada all saw declines but Quebec saw a increase.

 

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