Pace of housing slows in July but still beats economists’ expectations

CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013

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.

READ MORE: Mortgage test, high supply to keep cooling B.C. housing prices in 2019, report says

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

Like us on Facebook and follow us on Twitter.

Just Posted

Sculpture relocation plan works perfectly in Chemainus

Heavy lifting required to place Cline’s work into Heritage Square

VIDEO: Hoey and other Burma campaign veterans honoured at Cenotaph ceremony Aug. 14

The war in Burma against the Japanese was where Duncan’s only Victoria Cross winner lost his life

Tour to demonstrate mobile-seed cleaner to visit

Event scheduled for Aug. 23 at the Cowichan Agricultural Seed Hub

Police seek tips in 2015 death of Brown

Four years has passed since the body of Penelakut Island teen was discovered

Lack of consultation on Chemainus Road corridor project irks business owners, residents

Surprise expressed over change to anticipated North Cowichan plans

Disney Plus to launch in Canada in November

Analysts say latest streaming service may escalate cord cutting

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

Okanagan bus driver assaulted for asking patron not to smoke

59-year-old in hospital with non-life threatening injuries

B.C. sets rules for ride hailing, same minimum fee as taxis

Larger operating areas seen as threat by cab companies

Two hiking families team up to extinguish fire in B.C. backcountry

Children and their parents worked for three hours to ensure safety of the popular hiking region

Vancouver man arrested after pregnant woman’s SUV stolen, then crashed

Police are recommending charges against a 22-year-old Vancouver man

Elections Canada to assess ‘partisan’ climate change rhetoric case by case

People’s Party of Canada Leader Maxime Bernier has said climate change is not an emergency nor caused by human

Unseasonable snow forces campers out of northeastern B.C. provincial park

Storm brought as much as 35 centimetres of snow to the Fort Nelson, Muncho Lake Park-Stone Mountain Park

Most Read