August Housing Starts

CMHC's housing starts report showed significant decreases in month over month and year over year housing starts for Greater Victoria. August 2007 had 110 housings starts. In comparison, July 2007 had 236 and August 2006 had 374. The number of housing starts for the year to date has 2007 only slightly behind 2006.

Does this signal anything? Is construction slowing down? I don't believe that one slow month represents a trend. With any new project coming online, next month's starts could be equally impressively high.