Kingscrest estates. Toronto bucked the trend by 30%. The trend of new housing starts across the country was 286620 in July, down 6465 from June.
Toronto was the only one of the three major markets with an increase of 29 per cent, while Vancouver fell 46 per cent and Mandike fell 22 per cent.
Bob Dugan, chief economist of the Canadian Mortgage and Housing Corporation (CMHC), said the decline in new housing starts last month reflected a stabilisation of starts from a high at the beginning of the year. The number of new detached houses in urban areas has failed to offset the decline in multi-family housing (Multi-family), but both the trend and the number of houses built in a single month are still higher than historical levels. Strongly driven by multi-family housing, Toronto is the only increase in construction in the three major markets of Vancouver, Toronto and Mandike.
The number of new houses built in July was 272176, down 3.2 per cent from 281200 in June. The number of new houses in urban areas decreased by 0.65%; multi-family housing fell by 3.1%, but the number of independent houses increased by 7.1%.
The report points out that calculating the trend of new housing starts (SAAR) based on the average of six months can give a more comprehensive understanding of the national real estate market, but if we analyze the market only on the basis of the trend of new housing starts for one month, it may be misled by the increase or decrease of multi-unit properties (Multi-unit) in individual months.