Pace of housing slows in July but still beats economists’ expectations

CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013

The Canada Mortgage and Housing Corp. says the pace of construction of new homes slowed in July, although the six-month trend continued to be positive.

CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013, compared with 245,455 in June.

READ MORE: Mortgage test, high supply to keep cooling B.C. housing prices in 2019, report says

However, the decline was smaller than expected and CMHC’s six-month trend rose to 208,970 units from 205,765 units in June.

Economists had estimated a seasonally adjusted annualized rate of 203,500, according to financial markets data firm Refinitiv.

CMHC says housing starts in urban areas fell by 10.4 per cent in July to 209,122 — led by a 12 per cent decline in multiple-unit dwellings to 162,722 units. Single detached urban starts fell 4.6 per cent to 46,400 units..

Housing starts in rural areas were estimated at a seasonally adjusted annual rate of 12,891 units.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Retired Nanoose Bay teacher ‘Set for Life’ after $675K lottery win

Shannon plans to buy new sails for his sailboat

Country music star Aaron Pritchett back in Qualicum Beach to play benefit concert

Singer to headline Thalassa restaurant fundraiser for Ronald McDonald house

Qualicum school district sees utility costs go down

Capital funding opportunities promote clean energy and drive efficiencies

Order in the chambers: Qualicum Beach votes for council code of conduct

Coun. Robert Filmer’s motion passes unanimously at town meeting

Rainbow crosswalk in Qualicum Beach covered in mysterious black substance

‘It was disappointing to see this act of disrespect take place inside our community’

Ethnic media aim to help maintain boost in voting by new Canadians

Statistics Canada says new Canadians made up about one-fifth of the voting population in 2016

Speculation tax forces sale of Greater Victoria’s iconic ‘Tulip House’

Bob and Jan Fleming selling their retirement home famous for its thousands of tulips

New police force in Surrey must avoid VPD, RCMP errors made in Pickton case: Oppal

Boots are scheduled to be on the ground by spring 2021

Man at centre of dropped HIV-disclosure case sues province and 10 cops

Brian Carlisle of Abbotsford says Mission RCMP defamed him and were ‘negligent’ in their investigation

Striking Western Forest Products workers could lose benefits in September

Union, forest company at odds over Vancouver Island benefit payments as strike enters third month

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Forests minister visits B.C. town rocked by multiple mill shutdowns

A third of Mackenzie turns out for rally, not much to cheer about

B.C. sockeye returns drop as official calls 2019 ‘extremely challenging’

Federal government says officials are seeing the same thing off Alaska and Washington state

Most Read