August Canadian Housing Starts Decrease

August housing starts in Canada were at a seasonally adjusted annual rate of 182,703, down 6.5 percent from July’s rate of 194,663, according to the Canada Mortgage and Housing Corporation.

The six-month moving average for housing starts in August was a seasonally adjusted annual rate of 195,640, down 2.8 percent from the rate of 201,379 reported in July.

"Housing starts declined in August, as construction of multi-unit dwellings slowed in most regions, led by lower activity in Alberta and Manitoba” said Bob Dugan, CMHC chief economist, in a statement. "However, housing market activity levels remain elevated, and this decline in starts is the market's response to increasing levels of supply.”