Annual Pace Of Housing Jumps 16 In July

Canada's Housing Starts Surge 16% in July

A Promising Rise

Canada's annual pace of housing starts saw a significant increase of 16% in July, according to Canada Mortgage and Housing Corporation (CMHC).

The seasonally adjusted annual rate of housing starts reached 279,509 units, a notable jump from the previous month's rate.

This growth was primarily driven by a rise in urban starts for apartments, condos, and other types of multiple-unit housing projects.

Key Points

• Annual pace of housing starts increased by 16% in July.
• Seasonally adjusted annual rate reached 279,509 units.
• Urban starts for multiple-unit housing projects contributed to the surge.
• Six-month moving average remains elevated at 270,823 units.
• Strong demand for housing continues to support the construction sector.

CMHC's six-month moving average of the seasonally adjusted annual rate of housing starts also remained elevated at 270,823 units, indicating a sustained level of construction activity.

The strong demand for housing and the need for increased supply continue to support the Canadian construction sector.

Conclusion

The surge in housing starts in July reflects the ongoing need for affordable and accessible housing across Canada. As the demand for housing remains high, the construction sector is expected to continue to play a vital role in meeting this need.

For more information, refer to the CMHC website.

Nkba

Marketwatch