July Canadian Housing Starts Trend Improves

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in July was 254,966 units, 10.1% lower than June. The SAAR of urban starts declined 10.8% from the previous month to 234,857. Multiple urban starts dropped 12.3% to 193,446 and single-family levels decreased 3.6% from June to 41,411. The trend in housing starts improved 2.8% to 242,525 in July.

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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