Canadian new home construction fell to its lowest level in seven months in July, Canada Mortgage and Housing Corp. reported today.
New housing starts fell 1.6% in July to a seasonally adjusted annual pace of 189,200 units on a drop in single-home construction, the housing agency said. Housing starts in June were revised higher to 192,300 units from an initially reported 189,300 units.
"Housing starts moved lower in July, largely due to a decrease in urban single starts and a reduction in rural starts," Bob Dugan, chief economist at CMHC’s Market Analysis Centre, said in a statement.
Urban single-dwelling starts fell 11.3% to 67,900 units, while multiple-dwelling construction increased 13.4% to 101,400 units.
