September 18, 2023 12:34 GMT
August Housing Starts -1% MOM
- Seasonally adjusted starts -1% to 252,787 units after -10% MOM in July.
- 6M moving average +0.8% in August from +2.8% in July.
- Vancouver SAAR starts -12% and Toronto -20%, Montreal +41%.
- CHMC reiterated most starts financed before June and July's interest rate hikes "so the full effect of higher interest rates on construction activity remains to be seen".
- CMHC said last week an extra 3.5m units needed in next decade to restore housing affordability; govt has faced pressure to respond.