Canada Housing Starts Post Biggest Drop Since January
Canadian housing starts in August posted their biggest drop in seven months on fewer condominium projects, the country’s federal housing agency said.
Starts totaled 180,291 units in August on a seasonally adjusted annual basis, down 6.6 percent from 193,021 in July, the Ottawa-based Canada Mortgage & Housing Corp. said on its website today. Multiple unit starts such as condos fell 8.4 percent, while single home construction fell 0.9 percent.
While housing-market data are showing few signs of a hard landing, some segments of the market have slowed. Home starts have averaged 183,161 units so far this year, compared with 215,050 units in 2012.
Economists forecast a reading of 190,000 in August according to the median of 21 responses to a Bloomberg News survey.
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