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Canada Mortgage and Housing Corp reports drop in housing starts

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Canada Mortgage and Housing Corporation (CMHC) said the seasonally adjusted annual rate of housing starts was 184,700 units in August, down from 204,500 the previous month. Housing starts decreased in all regions except the Prairies, which saw an urban increase of 9.4 per cent over the same period.

OTTAWA

The pace of home construction slowed in August compared to July 2011 as builders started on few condominiums and apartments, announced the Canada Mortgage and Housing Corporation (CMHC).

The seasonally adjusted annual rate of housing starts was 184,700 units in August, down from 204,500 the previous month.

The seasonally adjusted annual rate of urban starts decreased by 10.2 per cent to 165,800 units in August. Multiple urban starts were down by 15.5 per cent to 101,400 units, while urban single starts decreased by 0.3 per cent in August to 64,400 units.

Housing starts decreased in all regions except the Prairies, which saw an urban increase of 9.4 per cent over the same period.

August’s seasonally adjusted annual rate of urban starts decreased by 41.4 per cent in the Atlantic region, by 15.3 per cent in British Columbia, by 11.8 per cent in Ontario and by 8.8 per cent in Quebec.

DCN News Services

by Daily Commercial News

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