Toronto, Ontario, September 11, 2006--Canadian housing starts fell 9.6 percent in August to a seasonally adjusted annualized rate of 213,700 units from a revised 236,500 units in July, Canada Mortgage and Housing Corp., said on Monday.
The number of starts in August missed the consensus expectation of analysts for 227,000 starts.
Urban multiples fell 22.2 percent to 87,800 units in August, while singles were up 2.6 percent to 91,500 units. Rural starts in August were estimated at 34,400 units, in line with the 34,400 units recorded in July.
The CMHC said the overall drop was mainly due to a decline in the multiple starts segment.
"After three consecutive months of increases, the volatile multiple starts segment dropped to its lowest level of the year in August," Bob Dugan, chief economist at CMHC's market analysis centre, said in a statement.
