Canadian Home Starts Increase in August

According to Canada Mortgage and Housing Corporation (CMHC) the trend in housing starts in Canada in August were at 213.144 units, up from 204,597 in July. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR of housing starts for all areas in Canada was 262,396 units in August, an increase of 6.9% from 245,425 units in July. The SAAR of urban starts increased by 7.1% in August to 248,154 units. Multiple urban starts increased by 9.1% to 201,214 units in August while single-detached urban starts decreased by 1.0% to 46,940 units. Rural starts were estimated at a seasonally adjusted annual rate of 14,242 units. In a prepared statement Bob Dugan, CMHC’s chief economist said, “The national trend in housing starts increased for a third consecutive month in August. Higher multi-family starts in Ontario, including Toronto, drove the national increase. We expect national starts to trend lower by the end of 2020 as a result of the negative impact of COVID-19 on economic and housing indicators.”