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July Housing Starts -10% To 254,966 Unit Annualized Pace


  • The 6M moving average +2.8% to 242,525 units, CMHC says Wed.
  • "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."
  • June was the strongest month of the year; July starts were 7.4% above 5-yr average.
  • CMHC previously said an additional 3.5 million houses need to be built by 2030 to achieve housing affordability.

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