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August Housing Starts Decline

The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada in August was 267,443 units, down three per cent from July, says the Canada Mortgage and Housing Corporation (CMHC). The SAAR of total urban starts decreased three per cent to 246,771 units in August. Multi-unit urban starts declined four per cent to 187,602 units, while single-detached urban starts increased one per cent to 59,169 units. Rural starts were estimated at a seasonally adjusted annual rate of 20,672 units. "The six-month trend in housing starts was higher in August compared to July, despite a lower monthly SAAR. Housing starts activity remains elevated in Canada historically and have been well above 200,000 units since 2020," says Bob Dugan, CMHC's chief economist.

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