Canadian Housing Starts Drop 22% In August, Undo July Gains

After July posted an unexpected 16% jump in housing starts, month-over-month figures for August undid that growth (and then some) with a 22% decline

After July posted an unexpected 16% jump in housing starts, month-over-month figures for August undid that growth (and then some) with a 22% decline, according to Canada Mortgage and Housing Corporation — a number that grew to 24% in urban centres.

The decline brings the seasonally adjusted total housing starts from July's 279,804 units down to 217,405, representing a 2.9% decrease in the six-month trend. Still, CMHC said, there have been 149,922 actual housing starts year-to-date — a 5% year-over-year increase compared to the same time last year.