CMHC says housing starts dropped 6 per cent in June

“Through the first six months of the year, the rate of housing starts in Canada is lower than last year’s rate," said Kevin Hughes, deputy chief economist with CMHC.

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More than a year after Prime Minister Mark Carney took office on a promise to build 500,000 new homes annually, the Canada Mortgage and Housing Corporation says the pace of housing starts has fallen below last year's level.

The CMHC said housing starts dropped six per cent in June alone, compared to the previous months.