The seasonally-adjusted annual rate of housing starts north of the border dropped 1.6% month-to-month in July to 189,300 units following an upward revision of June figures, according to Canada Mortgage and Housing Corp.
Decreases in Canada's urban single-family starts and rural starts largely drove the overall decline, which would have been greater if stronger multifamily starts had not offset it somewhat, according to CMHC chief economist Bob Dugan.
Urban starts overall rose 1.9% to 169,300 units in July with the multifamily segment in Canada's urban areas jumping 13.4% to 101,400 units. Urban single-family starts dropped by 11.3% to 67,900 units. The estimated rural annual start rate was a seasonally adjusted 19,900 units during the latest month.
Geographically, changes in the seasonally-adjusted annual urban start rate were as follows: up 37.7% in the Atlantic region and 14.4% in the Prairie region, but down 0.4% in Quebec, 2.6% in Ontario and 14.8% in British Columbia.
