Housing starts across the country saw a slight increase in August according to the Canadian Mortgage and Housing Corp. (CMHC).
The corporation said the trend measure of housing starts in Canada was 189,837 compared to 189,596. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
“The currently elevated level of inventory of newly completed and unoccupied condominiums, and units under construction, supports CMHC’s view that condominium starts will likely see a declining trend over the coming months as developers and builders seek to limit risks of overbuilding,” said Bob Dugan, CMHC’s chief economist.
“However, there may still be some variability from month to month as the number of presales for some planned condominium projects reaches sufficient levels to trigger project starts.”