CMHC reports annual pace of housing starts slowed in July

Canada Mortgage and Housing Corp. reports a five percent decrease in the annual pace of housing starts in July, compared to June. The seasonally adjusted annual rate of housing starts reached 229,074 units, a decline from 240,773 units in the previous month. In terms of actual monthly housing starts in larger population centers, there was an 18.4% drop from the previous year, with 18,834 units built in July.

Rural housing starts were estimated at 11,274 units for the same period. The six-month moving average of the seasonally adjusted annual rate of housing starts in July was 247,377 units, showing a slight 0.5% decrease from June. Overall, construction activity in July saw 19,773 units completed, marking an 8.1% increase compared to June.

Additionally, the number of units with approved building permits but not yet started rose by 3% month-to-month to 141,480 units in July.