Housing starts down in July

Canada Mortgage and Housing Corp. reports there has been a 1.6% decline in the annual rate for housing starts in July, a drop of 3,100. Most notable was huge drops in single urban starts which is down 11.3%, with the biggest drop in British Columbia with a 14.8% drop.

Rural starts were also down.

Atlantic Canada however is seeing a boom, up 37.7% in a region which typically has less demand for new homes.

The annual rate for June was 192,300. In July it dropped to 189,200.