“The national trend in housing starts stood at a 19-month low in September, following declines in four of the last five months. The slowdown in the pace of new residential construction activity in recent months is a result of both lower single-detached and multi-starts units.” (CMHC, Housing Observer, October 9, 2018)
Canadian housing starts fell to their lowest level in almost two years in September, led by a drop in British Columbia.
Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate came in at 188,683 units in September, down from 198,843 in August.
The six-month trend in national housing starts was 207,768 units in September 2018, compared to 213,966 units in August 2018,
As the National Bank report indicates, residential investment is shifting from being a boost to the Canadian economy to a likely drag on growth in 2019.
