Pace of housing slows in July but still beats economists’ expectations

CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013

The Canada Mortgage and Housing Corp. says the pace of construction of new homes slowed in July, although the six-month trend continued to be positive.

CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013, compared with 245,455 in June.

READ MORE: Mortgage test, high supply to keep cooling B.C. housing prices in 2019, report says

However, the decline was smaller than expected and CMHC’s six-month trend rose to 208,970 units from 205,765 units in June.

Economists had estimated a seasonally adjusted annualized rate of 203,500, according to financial markets data firm Refinitiv.

CMHC says housing starts in urban areas fell by 10.4 per cent in July to 209,122 — led by a 12 per cent decline in multiple-unit dwellings to 162,722 units. Single detached urban starts fell 4.6 per cent to 46,400 units..

Housing starts in rural areas were estimated at a seasonally adjusted annual rate of 12,891 units.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Summerland Ornamental Gardens remain closed

Staff and volunteers continue to weed and maintain plants

Canada’s deficit result of investing in Canadians: Minister of Middle-Class Prosperity

Minister Mona Fortier said the government is working on the next steps as the economy restarts

Cancelled shows and slow reopening for Revelstoke Art Gallery

The gallery has been closed since March due to COVID-19

Pure magic: live performances revived in Revelstoke

Revelstoke Arts Council hosting Guerrilla Gigs on Wednesdays all summer long

Glimpses of Revelstoke’s past for July 9

Jack Snoddy Archive assistant, Revelstoke Museum & Archives 120 years ago: Revelstoke… Continue reading

B.C. identifies 20 new COVID-19 cases, travellers specified in count

Pandemic total 3,028 cases, 51 people from outside Canada

Summerland Ornamental Gardens remain closed

Staff and volunteers continue to weed and maintain plants

Kelowna taxpayers could pay $90K for losses caused by cancelled Memorial Cup

$135,000 would be put aside for a potential bid for a future opportunity to host the tournament

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Motorcycle rider seriously injured in collision with vehicle on Highway 97 west of Pritchard

Chase RCMP report that motorcycle was attempting to pass when crash occurred

Predator mutilated cats in Kelowna: BC SPCA

The BC SPCA confirmed a mutilated cat was killed by a predator

LETTER: Former Summerland mayors speak out on solar project

Five former Summerland mayors sign name to short letter

Emergency crews conduct CPR on unresponsive person in Okanagan Lake

West Kelowna emergency crews are on scene at the shores of Jubilee Mobile Home Park

Filing deadline in RCMP sexual-harassment class-action extended due to COVID-19

Plaintiffs now have until January 2021 to submit claims for up to $222,000

Most Read