Housing starts progressed throughout the country last month, according to figures released Wednesday by Canada Mortgage and Housing Corporation. CHMC says the trend in housing starts was 217,550 units in July 2017, compared to 215,175 units in June 2017, a trend measure making up a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
Total housing starts in the Toronto Census Metropolitan Area trended lower in July, which CMHC attributes to lower trending apartment and single-detached starts. Overall, total housing starts were still trending close to the average level seen so far this year. Strong increases in semi-detached and town home starts pointed to affordability concerns driving demand for less expensive housing types.
Vancouver CMA housing starts were up slightly in July due to the construction of more townhomes and apartments getting underway. CMHC reports that the largest increase in construction activity occurred in Burnaby, New Westminster and Coquitlam, as the relative affordability of more modestly priced townhomes and apartments in these communities supported consumer demand. The number of units under construction in the Vancouver CMA remains near record highs, and developers will be keeping an eye on market conditions as these projects are completed in the coming year.
