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.

Just Posted

Pot shop opens near Princeton on band land

A medical and recreational cannabis shop opened earlier this month near Princeton.… Continue reading

Okanagan teenagers found after missing for four days

The pair, believed to be dating, had been missing since Nov. 15.

COLUMN: Preparing for the start of the 43rd Parliament

Canadians elected a minority government in order to see greater cooperation and compromise in Ottawa

Interior Health issues warning about opioid-laced stimulants causing recent overdoses

Interior Health is urging residents using or considering using drugs to reconsider… Continue reading

Princeton couple pays for dream vacation with 840,000 grocery store points

A Princeton couple recently took “the trip of a lifetime,” a two-week,… Continue reading

Bye bye Bei Bei: Giant panda born in U.S. zoo heads to China

Panda heads back to China as part of cooperative breeding program

B.C. to advocate for frustrated, confused, unhappy cellphone users, says premier

Maple Ridge New Democrat Bob D’Eith to advocate for more affordable and transparent cellphone options

WATCH: Coldstream garage fire as hot as 275 C: deputy fire Chief

Shop fire potential for ‘one heck of a fireworks show,’ O’Hara says

North Okanagan women head up college board

Gloria Morgan named chair and Juliette Cunningham vice-chair Tuesday

Artist waves women’s flag in Okanagan

SheShe declares femininity with all-encompassing exhibit

B.C. man who killed Belgian tourist near Boston Bar gets life in prison, no parole until 2042

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Christelle Sakkalis

‘Very disrespectful’: B.C. first responder irked by motorists recording collisions on cellphones

Central Cariboo Search and Rescue deputy chief challenges motorists to break the habit

Man accused in fatal Salmon Arm church shooting also charged with arson

Parmenter family home badly damaged by fire a month before killing

Most Read