Pace of housing slows in July but still beats economists’ expectations

CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013

The Canada Mortgage and Housing Corp. says the pace of construction of new homes slowed in July, although the six-month trend continued to be positive.

CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013, compared with 245,455 in June.

READ MORE: Mortgage test, high supply to keep cooling B.C. housing prices in 2019, report says

However, the decline was smaller than expected and CMHC’s six-month trend rose to 208,970 units from 205,765 units in June.

Economists had estimated a seasonally adjusted annualized rate of 203,500, according to financial markets data firm Refinitiv.

CMHC says housing starts in urban areas fell by 10.4 per cent in July to 209,122 — led by a 12 per cent decline in multiple-unit dwellings to 162,722 units. Single detached urban starts fell 4.6 per cent to 46,400 units..

Housing starts in rural areas were estimated at a seasonally adjusted annual rate of 12,891 units.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Fireside Festival gears up for day three in Kelowna

Sunday’s lineup includes the Snotty Nose Rez Kids, Lazy Syrup Orchestra and Frig Off

Rockets grab overtime win over Giants, aim to make it 3 straight with Sunday night rematch

Kelowna’s won their last two games and conclude 3-game weekend against Vancouver

Big White celebrates Aussie Day with a series of fundraisers for wildfire relief

Big White Ski Resort’s restaurants Globe Tapas and Blarney Stone raised $6,000 for charity

Don’t look now: Warriors grab 6th win in 8 games after Morgan’s stellar outing

West Kelowna goalie Riley Morgan made 30 saves in a 4-1 win over Vernon Saturday

Officials reaching out to those in contact with Canada’s first coronavirus patient

The illness has sickened at least 1,975 people and killed 56 in China

North Okanagan youth ready to make some NOYSE

Showcase of excellence features talents of young local performance

Canada’s basketball community mourns Kobe Bryant after helicopter crash

Bryant was an 18-time NBA all-star who won five championships

Rockslide obstructing traffic on rural Shuswap road

Large boulders rolled onto Sunnybrae Canoe-Point Road in the South Shuswap.

‘Devastated’: Fans, celebrities remember Kobe Bryant after his death

Bryant played all of his 20-year career with the NBA with the Los Angeles Lakers

Kobe Bryant, daughter killed in California helicopter crash

Bryant entered the NBA draft straight out of high school in 1996

Investigation launched after six dead puppies dumped in Richmond hotel parking lot

RAPS reminds people they can always give up puppies they can’t take care of

Canadian Lunar New Year celebrations dampened by coronavirus worries

But Health Minister Patty Hajdu said today that the risk of infection is low

B.C. VIEWS: New coronavirus outbreak an important reminder

Walking the line between cautious and alarmist

Most Read