Canadian Housing Market Remains Resilient Amid Minor Slowdown

Canada's annual housing starts fell 5% in July to 229,074 units from June's 240,773. The six-month trend remained steady at 247,377 units. Urban starts dropped 19% year over year, with Vancouver down 42%, Toronto down 10%, and Montreal up 3%. Despite a strong construction pipeline, fewer projects are starting. Units under construction were stable, while completions rose 8.1%. Housing starts are expected to stay subdued.