Housing starts slide in July

The annualized rate of housing starts in Canada fell 10 percent in July to 254,966 units, the Canada Mortgage and Housing Corp. reports. Despite the monthly drop, the total rate remained 7.4 percent above the five-year average. The rate of urban starts decreased by 11 percent, with 234,857 units recorded in July. The rate of rural starts was estimated at 20,109 units.