August 16, 2023 12:25 GMT
Housing Starts Resilient With Latest BoC Hikes Yet To Hit
- Housing starts saw a smaller than expected pullback in July at 255k (cons 244k) for a 10% decline after surging 41% to 284k in June.
- It meant the trend increased 2.8% from 236k to 243k units in July.
- CMHC's Chief Economist Bob Dugan: “Despite a decrease in the SAAR of housing starts relative to last month, July saw a healthy number of actual housings starts from a historical perspective. This pushed the trend of housing starts upward for the second consecutive month. Market intelligence suggests multi-unit projects started in June and July were likely financed a few months prior, so, the effect of the most recent interest rate hikes on housing starts remains to be seen”.