Canadian Housing Starts Drop 22% in August, Reports CMHC

The decline is driven by a significant reduction in multi-unit urban projects, according to the national housing agency.

Canada Mortgage and Housing Corp. (CMHC) reported a 22% decrease in the annual pace of housing starts in August compared to July.
The seasonally adjusted annual rate of housing starts fell to 217,405 units in August from 279,804 units in July.
Urban housing starts saw a 24% decline, with multi-unit urban projects like apartments and condos dropping by 29%.
The rate of single-detached urban starts rose by 3%, while rural housing starts were estimated at 17,927 units.
The six-month moving average for housing starts also decreased, falling 2.9% from July to August.