Housing Starts Trend Lower

Housing starts in August stood at 283,971 units, down from 286,076 units in July 2021, says the Canada Mortgage and Housing Corporation (CMHC). In August, both single-detached and multi-family seasonally adjusted annual rate (SAAR) starts were lower in Canada's urban areas, resulting in a decline in overall SAAR starts for the month, says Bob Dugan, chief economist at CMHC. “However, on a trend and monthly SAAR basis, the level of starts activity remains elevated by historical standards. Among Montreal, QC; Toronto, ON; and Vancouver, BC; Toronto was the only market to register growth in total SAAR starts in August, due to modest growth in the multi-family segment." From July to August, the standalone monthly SAAR of housing starts for all areas in Canada decreased 3.9 per cent, SAAR of urban starts decreased by 4.7 per cent, multiple urban starts decreased by 5.7 per cent, and single-detached urban starts decreased by two per cent.