Population growth restraining demand for homes: CMHC

Housing starts in Greater Sudbury were trending at 192 units in July compared to 175 units in June according to Canada Mortgage and Housing Corporation (CMHC).

The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market.

"The trend in housing starts for the month of July remained relatively flat as the drop in multiple-unit home starts mostly offset the increase in single-detached home starts in Sudbury," said Aris Gianneskis, CMHC's market analyst for Sudbury.

CMHC said limited population growth continues to restrain demand for new housing in the Nickel City.

The standalone monthly SAAR (not the moving was 285 in July compared to 298 in June due to fewer multiple starts in the month of July. All multiple starts were in Sudbury in July, while more than half of single-detached starts were in outlying parts of the city.

Provincewide, housing starts in Ontario were trending at 58,736 units in July, down from 60,305 units in June, according to Canada Mortgage and Housing Corporation (CMHC).