The standalone monthly SAAR was 216,924 units in August, up from 193,253 units in July. The SAAR of urban starts increased by 13.6% in August to 201,312 units.
Multi-unit urban starts increased by 19.5% to 142,927 units in August and the single-detached urban starts segment increased by 1.4% to 58,385 units.
However, there were regional dips. Bob Dugan, CMHC’s chief economist said: “While national starts have increased, housing construction has started to slow in Alberta and Saskatchewan as a result of weakening economic conditions related to the decline of oil prices.”
The seasonally adjusted annual rate of urban starts increased in Ontario, but decreased in British Columbia, the Prairies, Atlantic Canada and Québec.
More market update:
Canada Mortgage and Housing Corporation data shows that the trend measure of housing starts was 196,565 units in August compared to 185,642 in July.