The Canada Mortgage and Housing Corp. says the pace of construction of new homes slowed in July, although the six-month trend continued to be positive.
CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013, compared with 245,455 in June.
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However, the decline was smaller than expected and CMHC’s six-month trend rose to 208,970 units from 205,765 units in June.
Economists had estimated a seasonally adjusted annualized rate of 203,500, according to financial markets data firm Refinitiv.
CMHC says housing starts in urban areas fell by 10.4 per cent in July to 209,122 — led by a 12 per cent decline in multiple-unit dwellings to 162,722 units. Single detached urban starts fell 4.6 per cent to 46,400 units..
Housing starts in rural areas were estimated at a seasonally adjusted annual rate of 12,891 units.
The Canadian Press
