CMHC reports annual pace of housing starts in Canada picked up in August
New home construction takes place in a development in Oakville, Ont., on Thursday, August 15, 2019. THE CANADIAN PRESS/Nathan Denette
The Canadian Press
Published Wednesday, September 9, 2020 9:45AM EDT
OTTAWA - Canada Mortgage and Housing Corp. says the annual pace of housing starts in August rose nearly seven per cent compared with July.
The housing agency says the seasonally adjusted annual rate of housing starts was 262,396 units in August, up from 245,425 units in July.
Economists had expected an annual rate of 220,000 starts in August, according to financial markets data firm Refinitiv.
The increase came as the annual pace of urban starts increased 7.1 per cent in August to 248,154. The pace of urban starts of apartments, condos and other types of multiple-unit housing projects climbed 9.1 per cent to 201,214 units, while single-detached urban starts fell 1.0 per cent to 46,940.
Rural starts were estimated at a seasonally adjusted annual rate of 14,242 units.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts rose to 213,144 in August, up from 204,597 in July.
This report by The Canadian Press was first published Sept. 9, 2020.