Canadian housing starts trend increased in August

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The trend in housing starts was 219,447 units in August 2017, compared to 217,339 units in July 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“Canada’s trend in housing starts was above the 200,000 unit mark for the eighth consecutive month,” said Bob Dugan, CMHC’s chief economist. “Demand for new homes remains strong, consistent with consumer confidence which reached its highest level in ten years.”

The standalone monthly SAAR of housing starts for all areas in Canada was 223,232 units in August, up from 221,974 units in July. The SAAR of urban starts increased by 0.8 per cent in August to 207,524 units. Multiple urban starts increased by 2.7 per cent to 145,618 units in August. This masks a lot of volatility in provincial multiple starts. Single-detached urban starts decreased by 3.2 per cent, to 61,906 units.

Rural starts were estimated at a seasonally adjusted annual rate of 15,708 units.

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