Canada – Housing starts fell 3.7% to 192.4K in August (from 200K in the prior month). There were lower starts in both rural (-3.4%) and urban areas (-3.8%). The decline in urban starts was split between singles (-3.3%) and multis (-4%). On a regional basis in urban areas, declines in Ontario (-25.9%), Atlantic Canada (-31.3%), and Quebec (-1.6%) more than offset increases in BC (+31%) and the Prairies ( +14%).
The Teranet–National Bank House Price Index rose 0.8% in August thanks to gains in 10 of the 11 metropolitan regions covered (Montreal was the only city seeing a price drop in the month). On a year-on-year basis, home prices were up 5% nationally, but with contrasting fortunes across cities. Calgary led the pack with a 7.9% year-on-year increase, followed by Hamilton and Toronto (both at +6.7%), Vancouver (+6.1%), Edmonton (+4.5%), Victoria (+2.1%), Winnipeg (+1.9%), Ottawa-Gatineau (+1.2%), Montreal (+1.1%), and Halifax (+0.9%). However, Quebec City remained in deflation mode (- 0.1%).
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