Annual pace of housing starts in Canada up 16% in July from June, CMHC says
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In July, Canada's housing starts rose 16% from June, driven by a surge in multi-unit projects, reaching an annual rate of 279,509 units, according to CMHC. Ontario had its best month in over a year, though housing starts remain below the peaks of 2021 and 2022, particularly for single and semi-detached homes. TD Bank's Maria Solovieva warned that multi-family unit construction might decline due to weak presale activity and high costs. Despite a slowdown in the resale market, BMO's Robert Kavcic noted that residential construction remains strong. The six-month moving average of housing starts increased 3.2% from June to July.
