There was a slide in the pace of new home construction in July following a strong June but the longer-term trend remains positive.
CMHC data shows that the seasonally-adjusted annual rate of starts was down in July to 198,395 from 218,326 in June but the 6-month trend was up to 201,936 compared to 197,847 in the previous month.
“July’s housing starts continued to pick up pace, as construction strengthened in BC and Ontario’s multi-unit segments,” said Aled ab Iorwerth, CMHC’s Deputy Chief Economist. “This reflects continued strong demand for lower-priced homes and low inventories of completed and unsold new units.”
The seasonally adjusted annual rate of urban starts decreased in Quebec, British Columbia, Ontario, and in Atlantic Canada, but increased in the Prairies. Rural starts were estimated at a seasonally adjusted annual rate of 15,775 units.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: