July Housing Starts trend higher in Canada
Aug. 16, 2019
Global Korean Post
CMHC says that the national trend in housing starts increased in July, despite a decrease in the level of SAAR activity from June.
High levels of activity in apartment and row starts in urban centres in recent months continued to be reflected in the high level of the total starts trend in July.
The trend in housing starts was 208,970 units in July 2019, compared to 205,765 units in June 2019, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
The standalone monthly SAAR of housing starts for all areas in Canada was 222,013 units in July, down 9.6% from 245,455 units in June. The SAAR of urban starts decreased by 10.4% in July to 209,122 units. Multiple urban starts decreased by 12% to 162,722 units in July while single-detached urban starts decreased by 4.6% to 46,400 units.
Rural starts were estimated at a seasonally adjusted annual rate of 12,891 units.