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Starts Fall in July

OTTAWA, Ontario, August 9, 2001 — The seasonally adjusted annual rate* of housing starts in Canada decreased by 13.4 per cent in July to 151,800 units compared with 175,300 units in June, according to Canada Mortgage and Housing Corporation (CMHC).

Urban single starts fell by 4.1 per cent to an annual rate of 72,900 from 76,000 units in June. Urban multiple starts declined by 27.7 per cent to an annual rate of 56,400 units compared with 78,000.

"This type of swing in multiples has been observed often in the past. The drop was expected after June's strong performance in the multiples segment. The decrease was mainly due to Ontario's drop of 41.9% in multiple starts" said John-John D'Argensio, an economist at CMHC's Market Analysis Centre. "Even though starts went down in July, the housing market should maintain its pace and reach around 160,000 housing starts this year."

All starts figures in this release are seasonally adjusted annual rates (SAAR), that is, raw monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect an annual pace. Other CMHC local and provincial releases may present analysis using raw figures.

Information:

John-John D'Argensio
CMHC
(613) 748-2300 ext:3500
jdargens@cmhc-schl.gc.ca

Canadian Housing Starts July 2001

Canadian Housing Starts Chart July 2001