“Very robust levels of residential construction continue in Canada, with a 27-year high for population growth behind the strength. While Vancouver and Toronto rightfully get much of the attention, many markets have seen construction activity ramp up as a result.” (BMO, Cdn. Building Boom Continues, August 9, 2018)
There was a slowdown in housing construction starts in July to 206,000 units from the near-record 246,000 units in June. Starts in urban areas such as condos and apartments declined by 20.3% from June to 136,231 units in July, while single-detached urban starts decreased by 3.6% to 53,862 units.
Canadian seasonally adjusted housing starts decreased to 206.3 thousand units in July of 2018 from a downwardly revised 246.2 thousand units in June. New housing starts were so strong in June (246,000 units annualized) that it was not surprising that starts fell sharply to 206,300 annualized units in July. Not surprisingly, multiple unit starts are far outpacing single units. On a longer-term basis, starts were averaging 216,000 over three months and 222,00 over twelve months. In other words, it is not mistaken to describe the housing construction sector to be in a boom position.
