CMHC says annual gait of housing starts slowed in Aug compared with July

Canada Mortgage and Housing Corp. says a gait of housing construction starts slowed in Aug compared with July.

The group says a seasonally practiced annual rate of housing starts was 200,986 units in August, down from 205,751 units in July.

Economists had approaching an annual gait of 210,300 starts for August, according to Thomson Reuters Eikon.

The diminution came as a annual gait of civic starts fell 2.5 per cent to 184,925 units. Starts of civic multiple-unit projects such as condos, apartments and townhouses fell 2.4 per cent to 132,700 units in Aug while single-detached civic starts fell 2.6 per cent to 52,225 units.

Rural starts were estimated during a seasonally practiced annual rate of 16,061 units.

CMHC says a six-month trend for housing starts was 214,598 units in August, down from 219,656 in July.

“The inhabitant trend in housing starts continued to decrease in Aug from a chronological rise that was available in Mar 2018,” CMHC arch economist Bob Dugan said.

“This mediation brings sum starts closer to chronological averages, mostly reflecting new declines in a trend of multi-unit starts from historically towering levels progressing in a year.”

Article source: https://www.cbc.ca/news/business/housing-starts-canada-real-estate-1.4818624?cmp=rss