Canada’s supply of purpose-built rentals grew 4.1% on an annual basis
Other economic factors, government policies offset the effect of higher rates
The drop came as the annual pace of urban starts fell 24% from July
Actual housing starts were markedly lower in two of Canada's three major cities compared with June 2023
More buyers are expected to enter the market as borrowing costs begin to decrease
Total owed is up 3.4% year over year, representing slowest growth in 23 years
The seasonally adjusted annual rate of housing starts in Canada came in at 240,229 units for April, a drop of 1% from March
Despite month-over-month decline in March, housing starts trending 'at a solid pace': economist
Declining mortgage rates, strong population growth will help spur a rebound in sales and prices
CMHC says construction of new homes in Canada's six largest cities remained near all-time highs last year