Housing Starts Drop

Housing starts in Canada lowered in July to 286,620 from 293,085 in June, says the Canada Mortgage and Housing Corporation (CMHC). In July, higher single-detached, seasonally adjusted annual rates (SAAR) starts failed to offset a decrease in multi-family SAAR starts in Canada's urban areas, leading to a decline in overall SAAR starts for the month. However, the level of activity remains elevated by historical standards, both on a trend and monthly SAAR basis. Additionally, only Toronto, ON, showed registered growth in total SAAR starts, driven by growth for multi-family segments.