Housing Starts Decline 3.9% in August
September 16 2021 - 9:04AM
Dow Jones News
By Paul Vieira
OTTAWA--Canadian housing starts dropped in August but
construction remains elevated by historical standards.
Housing starts for August came in at a seasonally adjusted
annualized rate of 260,239 units, a 3.9% decrease from 270,744
units in July, Canada Mortgage and Housing Corp. said Thursday.
This was largely in line with market expectations for 266,500
starts in August, according to economists at Desjardins
Securities.
The trend measure for August, or a six-month moving average of
the monthly seasonally adjusted annual rate of housing starts,
edged lower to 283,971 units, from roughly 286,000 units in the
previous month.
CMHC said starts in urban markets dropped 4.7% to 235,782.
Starts related to multiple-family units, like condos and
apartments, decreased 5.7% to nearly 173,120 units, whereas
construction on new single-detached homes fell 2% to 62,662
units.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
September 16, 2021 08:49 ET (12:49 GMT)
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