Close X
Friday, November 29, 2024
ADVT 
National

CMHC: Slowdown In National Seasonal Rate Of New-Home Construction In July

Darpan News Desk The Canadian Press, 11 Aug, 2015 11:17 AM
    OTTAWA — The Canada Mortgage and Housing Corp. says the pace of new home construction slowed in July for the first time in three months, mostly as a result of fewer multi-unit projects started in urban areas.
     
    CMHC says the seasonally adjusted rate last month was 193,032 units nationally, down from 202,338 units in June.
     
    Regionally, British Columbia showed an increase from June but there were declines in the other parts of Canada including the Greater Toronto Area.
     
    The Ottawa-based federal agency had anticipated a slowdown but July's seasonally adjusted pace was below an estimate of 195,000 units from economists, according to Thomson Reuters.
     
    CMHC says multi-unit housing projects in urban areas accounted for much of the decline, with a seasonally adjusted rate of 119,478 units in July — down 8.2 per cent from June.
     
    There was also a slight decrease in the detached home segment of urban markets, which fell by 0.8 per cent to 57,520 units.
     
    The six-month trend remained upward, rising to 185,586 units in July from 184,035 in June.
     
    CMHC chief economist Bob Dugan said gains in multiple starts have offset declines in single starts over the last three months, largely due to more rental apartments, many of which are seniors' homes.
     
     
    In British Columbia, the July seasonally adjusted rate for urban areas was 36,501 units, up from 34,870 in June. CMHC says B.C.'s new home construction has been keeping pace with demand, keeping supplies of unsold homes in check.
     
    In Ontario, the rate fell to 49,047 units from 56,824 in June — although there was an increase in parts of the province outside of the Toronto area.
     
    "For a second consecutive month, the trend in Ontario residential construction activity dipped due largely to the apartment sector," said CMHC regional economist Ted Tsiakopoulos in a statement.
     
    "Low density housing construction, which is a better barometer of the health of the new construction market due to its stability, posted growth, suggesting that economic fundamentals continue to support provincial home starts."

    MORE National ARTICLES

    Ontario Cabinet Minister Michael Chan Sues Globe & Mail For Stories Raising Security Concerns

    Ontario Cabinet Minister Michael Chan Sues Globe & Mail For Stories Raising Security Concerns
    The statement of claim by Michael Chan makes good on a libel notice he sent the paper last month after it refused to retract its stories or apologize.

    Ontario Cabinet Minister Michael Chan Sues Globe & Mail For Stories Raising Security Concerns

    Calmer Wildfire Situation Could Change Quickly As Heat Returns To B.C.

    Calmer Wildfire Situation Could Change Quickly As Heat Returns To B.C.
    KAMLOOPS, B.C. — Cooler, wetter weather means fewer fires are burning across British Columbia and wildfire management crews are getting a break — for now.

    Calmer Wildfire Situation Could Change Quickly As Heat Returns To B.C.

    Coalition Of Groups Call On Harper To Intervene In Case Of Canadian Held In UAE

    TORONTO — A coalition of national organizations is calling on Prime Minister Stephen Harper to intervene in the case of a Canadian man detained in the United Arab Emirates for nearly a year.

    Coalition Of Groups Call On Harper To Intervene In Case Of Canadian Held In UAE

    Frances Kelsey, Canadian Doctor Who Opposed Thalidomide, Dies At 101

    Frances Kelsey, Canadian Doctor Who Opposed Thalidomide, Dies At 101
    LONDON, Ont. — Frances Kelsey, a Canadian doctor known for her tenacity in keeping a dangerous drug off the U.S. market, died Friday morning at age 101.

    Frances Kelsey, Canadian Doctor Who Opposed Thalidomide, Dies At 101

    Winnipeg Teen Admits To Taking Baby Niece, Putting Her In Recycling Bin In Drunk Stupor

    Winnipeg Teen Admits To Taking Baby Niece, Putting Her In Recycling Bin In Drunk Stupor
    A Winnipeg teen has admitted to grabbing his toddler niece from a home, seriously injuring her and then stuffing her in an outdoor recycling bin during a drunken stupor on a frigid New Year’s Eve.

    Winnipeg Teen Admits To Taking Baby Niece, Putting Her In Recycling Bin In Drunk Stupor

    Major Crime Unit Sends Help To Police, Family, Searching For Missing Woman In Ladysmith, B.C.

    Major Crime Unit Sends Help To Police, Family, Searching For Missing Woman In Ladysmith, B.C.
    PENELAKUT ISLAND, B.C. — A search for a missing 18-year-old woman is ramping up on a small island just east of Ladysmith, B.C.

    Major Crime Unit Sends Help To Police, Family, Searching For Missing Woman In Ladysmith, B.C.