TORONTO — Canadian housing starts cooled more than expected in August, while the previous month was also revised slightly lower, data showed on Tuesday, setting the stage for what is widely expected to be a slowing housing market as 2014 draws to a close.
A report from the Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts slipped to 192,368 last month from a downwardly revised 199,813 units in July.
That was shy of analysts’ forecasts for 195,000. July was originally reported as 200,098.
The small drop brought the six-month moving average to 189,837, little changed in the last 12 months despite a big slowdown in the harsh winter months and a roaring bounce-back in the spring and early summer.
“The persistence of unsustainably lean mortgage rates has likely bolstered housing demand in recent months, and even with the dip in August, starts…
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