St. John's housing starts trend up for August

Housing starts in the St. John's metro area trended upwardsforthis August as compared to July, according to the Canadian Mortgage and Housing Corporation (CMHC).

Statistics released Thursday by the CMHC detail an increase in row and duplex construction in the city, based on a six-month trend of seasonally-adjusted annual rates for housing starts.

The stats show there is atrend of 744 housing starts in St. John's for August. There were669 in July. In a news release, the CMHC said the lack of economic growth in Newfoundland and Labrador has home builders shifting away from lower priced homes so far this year.

Looking at seasonally-adjusted annual rates allows the CMHCto account for month-to-month swings in the market, although it warns that the data can be misleading in some markets.