Economy

Housing in Canada started to decline by 3% in August as multi-unit decline

Housing in Canada started to decline by 3% in August as multi-unit decline

OTTAWA (Reuters) – Canadian housing starts fell 3 percent in August from the previous month, data from the National Housing Agency of Canada showed on Friday, as a decline in the number of new housing units in cities offset a slight increase in detached housing units.

Mortgage and Housing Corporation of Canada (CMHC) data showed that the seasonally adjusted annual rate of housing starts was 267,443 units in August, down from 275,158 units in July. Analysts had expected the beginnings to drop to 265 thousand.

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