NEW HOME CONSTRUCTION SEEING A DROP

Aug 11, 2015

By Michael Kramer

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The Canada Mortgage and Housing Corp. says new home construction slowed in July – mostly because there were fewer multi-unit projects begun in urban areas.

The government agency says the seasonally adjusted national rate last month was 193,032 units – down from 202,338 units in June.

And that was below an estimate by economists of 195,000 units –  according to Thomson Reuters.

CMHC says multi-unit projects in urban areas accounted for much of the decline – with a seasonally adjusted rate of 119,478 units in July down 8.2 per cent from June.

And a slight decrease was seen in the detached home segment of urban markets – which declined 0.8 per cent – to 57,520 units.

British Columbia showed an increase from June – but there were declines in the other parts of Canada.

Ontario saw a decrease in new home construction – mostly due to a slowdown in the Greater Toronto area.

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