Canadian Housing Starts Decline 1.5% Month-Over-Month in June

Canada Mortgage and Housing Corporation (CMHC) reported on Friday (7-16-21) that Canadian housing started moved lower in June. Nevertheless, building activity remains above historic standards and the market remains above anticipations. According to the CHMC, housing starts for June came in at a seasonally adjusted annualized rate of rate of 282,070 units, a -1.5% decrease from 286,296 units in May. Market expectations had housing starts for June at 270,000, according to economists at Desjardins Securities. So far in 2021, housing starts have either neared or surpassed the 250,000-level on a monthly basis. And housing starts set a record in March, reaching 333,284. CMHC said starts in urban markets dropped -1.8% to 251,190, mostly due to a drop in construction tied to single-detached units. Rural starts were estimated at a seasonally adjusted rate of 30,880 units.