Canadian housing starts edge lower in July: CMHC
By Andrea Hopkins
TORONTO (Reuters) - Canadian housing starts fell slightly in July from June, the Canada Mortgage and Housing Corp said on Friday in a report that showed continued stabilization in Canada's housing market after a spring surge in new construction.
The seasonally adjusted annualized rate of housing starts was 192,853 units in July, a dip from June's 193,797 units and in line with market expectations for 193,500 starts.
"For the past few months, total housing starts have followed the stabilizing trend observed in sales of existing homes earlier this year," CMHC Deputy Chief Economist Mathieu Laberge said in a statement.
"As expected, the trends in the two market segments typically follow a similar pattern with the new home market lagging behind the existing home market by a few months."
Urban starts fell 2.1 percent in July to 173,042 units, mostly reflecting a decline in single-unit starts, which fell 5.5 percent to 58,731 units. Multiple urban starts were essentially flat at 114,311 units, the report showed.
Urban starts increased in British Columbia but fell in all other regions, including Atlantic Canada, the Prairies, Ontario and Quebec, CMHC said.
(Reporting by Andrea Hopkins; Editing by James Dalgleish)
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