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- Canada’s housing starts down 9.6 percent m-o-m in July
Canada’s housing starts down 9.6 percent m-o-m in July
The Canada
Mortgage and Housing Corp. (CMHC) reported on Friday the seasonally adjusted
annual rate of housing starts was at 222,013 units in July, down 9.6 percent
from a downwardly revised 245,455 units in May (originally 245,657 units).
Economists had
forecast an annual pace of 203,500 for July.
According to
the report, urban starts tumbled by 10.4 percent m-o-m last month to 209,122 units,
as multiple urban starts plunged by 12 percent m-o-m to 162,722 units, while
single-detached urban starts fell by 4.6 percent m-o-m, to 46,400 units. At the
same time, rural starts were estimated at a seasonally adjusted annual rate of 12,891
units, up 7.9 percent m-o-m.
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