CMHC Housing Starts comes in at 229.074K against 259.535K consensus

CMHC Housing Starts for August 2026 came in at 229.074K, falling short of the consensus estimate of 259.535K. This represents an 11.7% negative surprise against expectations. The actual figure also marked a decrease from the previous month’s 238.971K.

Following the release, the Canadian dollar showed a mixed but generally subdued reaction against major currencies in the initial 15 minutes. AUDCAD moved +3.5 pips, CADCHF moved +2.1 pips, and CADJPY moved +0.4 pips. EURCAD moved -5.1 pips, GBPCAD moved -2.3 pips, NZDCAD moved -1.4 pips, and USDCAD moved -0.7 pips. These observed moves were generally smaller than the median 1-hour moves typically seen after past CMHC Housing Starts releases. For example, EURCAD’s -5.1 pips was less than its median 1-hour move of 11 pips, and USDCAD’s -0.7 pips was less than its median 1-hour move of 9 pips.