Canadian housing starts increased 15.8% in July, growing to a seasonally adjusted 245,604 units compared with June’s 212,095 units, the Canada Mortgage and Housing Corporation reports.
Canadian housing starts increased 15.8% in July, growing to a seasonally adjusted 245,604 units compared with June’s 212,095 units, the Canada Mortgage and Housing Corporation reports.
Urban starts jumped 17.4%, while multiple urban starts increased 18.8% during the month. Single-detached urban starts grew 12.3%. The country also saw housing starts begin to bounce back in June.
“Following declines in previous months from COVID-19 measures, higher activity in June and July leaves the trend in housing starts in line with the long-run average level of housing starts,” CMC Chief Economist Bob Dugan said in a statement. “We expect national starts to trend lower in the near term as a result of the negative impact of COVID-19 on economic and housing indicators.”
The full report can be found here.