The seasonally adjusted annual rate of housing starts across Canada has dropped from a total of 137,800 units in June to 132,100 units in July, according to the Canada Mortgage and Housing Corporation (CMHC).
The seasonally adjusted annual rate of housing starts across Canada has dropped from a total of 137,800 units in June to 132,100 units in July, according to the Canada Mortgage and Housing Corporation (CMHC).
Starts in urban areas declined 17 per cent in the Prairies, 15 per cent in Ontario, 10 per cent in British Columbia, and 1.4 per cent in Atlantic Canada. Urban starts increased in Quebec by 16.6 per cent.
Urban multiple starts dropped nine per cent to 61,000 units, while urban single starts dropped 1.1 per cent to 52,500 units.
"Although July registered a decline, housing starts are expected to improve throughout 2009," said Bob Dugan, chief economist at CMHC's Market Analysis Centre, in a release.
It's expected that starts will take several years to closely match the demographic demand, which is estimated at 175,000 units per year.
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