Canada Mortgage and Housing Corp. says annual pace of housing starts slowed in August

Canada Mortgage and Housing Corp. says the annual pace of housing starts in August slowed compared with July as the rate of new home construction continued to slow from their highs earlier this year.

The housing agency says the seasonally adjusted annual rate of housing starts was 260,239 units in August, down from 270,744 in July.

The pace slowed as the annual rate of urban starts fell 4.7 per cent in August to 235,782.

The annual rate of urban starts for apartments, condos and other types of multiple-unit housing projects dropped 5.7 per cent to 173,120, while the rate of single-detached urban starts fell two per cent to 62,662.

CMHC estimated rural starts at a seasonally adjusted annual rate of 24,457.