Annual pace of housing starts slowed in August: CMHC [Investment Executive - News]
Cabot Corporation (CBT)
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Source: Investment Executive - News
Canada Mortgage and Housing Corp. says the annual pace of housing starts in August slowed 22% compared with July. The national housing agency says the seasonally adjusted annual rate of housing starts came in at 217,405 units in August, down from 279,804 a month earlier. The drop came as the annual pace of urban starts fell 24% to 199,478 units compared with 261,043 in July. The annual rate of starts of multi-unit urban projects such as apartments, condominiums and townhouses dropped 29% to 154,290 units, while the rate of single-detached urban starts rose 3% to 45,188. The annual pace of rural starts was estimated at 17,927 units. CMHC says the six-month moving average of the seasonally adjusted annual rate of housing starts was 248,480 units in August, down 2.9% from 255,794 in July.
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