Posted Aug 16, 2023 9:06 am ET
New homes will be built in Ottawa on Monday, August 14, 2023. Canada Mortgage and Housing Corp. states that the annual pace of housing starts fell by 10 percent in July compared to June, when they recorded their strongest month so far this year. (THE CANADIAN PRESS/Sean Kilpatrick)
OTTAWA – Canada Mortgage and Housing Corp. states that the annual rate of housing starts fell by 10 percent in July compared to June, when they recorded their strongest performance so far this year.
The national housing authority says the seasonally adjusted annual rate of housing starts was 254,966 units in July, compared with 283,498 in June.
The annual rate of new urban construction in July fell 11 percent to 234,857, while the rate of new urban multi-unit construction fell 12 percent to 193,446 and the rate of new urban single-family home construction fell four percent to 41,411.
According to CMHC, Vancouver’s annual launch rate fell 23 percent in July, while Toronto fell 29 percent. Meanwhile, Montreal rose 12 percent, Calgary 33 percent and Edmonton 6 percent.
The annual rural launch rate was estimated at 20,109 for July.
The six-month moving average monthly seasonally adjusted annual rate of housing starts was 242,525 in July, down from 235,819 in June.
This report from The Canadian Press was first published on August 16, 2023.
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