August Canadian Housing Starts Dips

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in August was 252,787 units, 1.0% lower than July. The SAAR of urban starts declined 0.9% from the previous month to 233,075. Multiple urban starts dropped 1.4% to 191,250 while single-family levels increased 1.7% from July to 41,825. The trend in housing starts improved 0.8% to 244,507 in August.

The Canada Mortgage and Housing Corporation (CMHC) uses the six-month trend measure “as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market.”  See CMHC

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