Overview

• U.S. housing starts rose 5.2% in July to a 1.428 million annual rate, with single-family starts up 2.8% to 939,000 and total permits down 2.8% to 1.354 million.
• Multi-family construction drove the gains, while single-family permits increased only 0.5% to 870,000 and remain near their weakest levels since March 2023, according to First American’s Odeta Kushi.
• Canada’s CMHC reported a 4% July increase to a 294,085 annual pace, with officials noting current strength reflects past investment decisions rather than a fresh surge in new projects.
• Tariff-related uncertainty is discouraging buyers and slowing sales, the Canadian Homebuilders’ Association said, as some developers contend with bloated condo inventories.
• U.S. housing completions climbed 6.0% month over month to 1.415 million but fell 13.5% from a year earlier, while mortgage rates eased to 6.58% recently yet remain high enough to restrain demand.