Housing supply in many markets is set to ease slightly as the number of construction starts rise again, according to the latest figures from the CMHC.
Housing starts increased slightly in July to a seasonally annual adjusted pace of 189,784, compared with 185,952 in June.
The Canada Mortgage and Housing Corporation (CMHC) says the overall increase came as the pace of urban starts increased slightly to 200,098 units in July, compared with 198,665 in June.
“The trend in construction has increased modestly in recent months due to in large part to multiple starts, which have strong variability from month-to-month,” said Bob Dugan, CMHC’s Chief Economist. “Nevertheless, CMHC continues to expect a soft landing for the new home construction market in Canada.”
The report says multiple urban starts decreased to 115,870 units in July, while single-detached urban starts increased to 67,062 units.
CMHC says the seasonally adjusted annual rate of urban starts increased in Atlantic Canada and Ontario, and decreased in the Prairies.
The agency says there were also modest decreases in British Columbia and Quebec. Rural starts were estimated at a seasonally adjusted annual rate of 17,166 compared with 16,206 in June.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate