July housing starts dipped 1.6 per cent with a moderation of single family homes and a reduction of rural starts.
The Canada Mortgage and Housing Corp. went on to say that "Multiple starts partially offset this moderation."
The Bank of Nova Scotia reported that the global recovery in Real Estate prices is losing momentum with both prices and sales slipping in the second quarter.
Reasons for the slowdown in Real Estate momentum:
- Moderating Global growth
- Weak job creation
- Financial market turmoil
The overall housing markets are slowing as well with home sales trending lower since the start of the year and now lower home prices are cooling the incentive for new home building.
Fewer new home starts are expected as housing continues further "moderation."
Pictured above is one of the new Toronto Condominiums in the multiple starts category, the Accolade Condos in North York.
The Toronto Condo Market is slowing as well however the average new Condominium price in the Toronto (416) area was $639 per square foot in the second quarter.