By Ovunc Kutlu
ISTANBUL (AA) - Housing starts in Canada plummeted 22% in August, compared to the previous month, according to Canada Mortgage and Housing Corporation (CMHC) figures that were released Tuesday.
Housing starts stood at 217,405 units in August, down from 279,804 in July, said a CMHC statement.
The estimate for the figure was to come in at around 252,000.
In May 2023, the country saw housing starts plummet 23% to 202,494 units – the lowest in more than three years.
CMHC Chief Economist Bob Dugan said year-to-date housing starts showed growth since the beginning of the year, which has been driven by higher multi-unit and single-detached units in the provinces of Alberta, Quebec and Atlantic.
He, however, added, "As the housing shortage continues, higher levels of construction are needed to restore affordability in Canada’s urban centres."