Canadian Housing Starts Fall in July
The standalone monthly seasonally adjusted annual rate (SAAR) of Canadian urban starts in July fell 9.6% from June to 222,013 units. Multiple urban starts in July dropped 12% from the prior month to 162,722 and single-family levels declined 4.6% over the same period to 46,400. The six-month moving average of monthly starts in July totaled 208,970, up 1.5% from the previous month.
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