Here is a hot piece of Canadian real estate news.
Housing starts in Canada jumped 16% in July
The annual pace of rural starts was estimated at 18,375 units for the month.
Ottawa, August 16, 2024 - The total monthly seasonally adjusted annual rate (SAAR) of housing starts climbed 16% in July compared to the previous month, according to a report by the Canada Mortgage and Housing Corporation (CMHC).
Housing starts in urban centers with populations of 10,000 or more increased by 17% in July. The annual pace of rural starts was estimated at 18,375 units for the month.
The six-month moving average of the seasonally adjusted annual rate of housing starts was 264,220 units in July, down from 268,162 units in June.
The increase in housing starts is likely due to the strong demand for housing in Canada. The country's population is growing, and more people are choosing to live in urban areas.
The CMHC report also noted that the number of completed homes increased by 7% in July compared to the previous month. The annual pace of home completions was estimated at 285,571 units for the month.
The increase in home completions is a positive sign for the Canadian housing market. It suggests that builders are able to keep up with the demand for housing.
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