06:45 AM EDT, 09/19/2024 (MT Newswires) -- After sagging for much of the year, United States housing starts rebounded 9.6% month over month in August, though the current level is still less than before the COVID-19 pandemic, noted Bank of Montreal (BMO).

Meantime, Canadian starts plunged 22.3% month over month in August, although from elevated levels for most of the year. Over the past six months, Canadian starts have averaged nearly 19% of US levels, which is moderately above the past-decade mean of 17% and well above the long-term average of 16%, said the bank.

This mostly reflects population growth differences between the two countries and a faster pace of multiple-unit construction in

Canada, according to BMO.

All in, Canadian home builders are pulling up their socks, which should help improve affordability as population growth slows, added the bank.