July housing starts down 19 per cent annually: CMHC

“Based on the recent slowdown in activity, housing starts are likely to remain subdued over the coming months, reflecting ongoing challenges in bringing new projects to market,” noted the CMHC report.

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Canada’s housing market continues to suffer as starts fell by 0.5 per cent last month, with monthly starts down 19 per cent year-over-year in centres with a population of 10,000 or more.

“Although the pipeline of homes under construction remains substantial and completions are increasing, fewer new projects are being started in many markets, notably in Vancouver, Calgary and Toronto,” said the agency’s deputy chief economist, Tania Bourassa-Ochoa.