Canadian Housing Starts Surge
Canadian Housing Starts Surge
The Canada Mortgage and Housing Corp reported Tuesday that housing starts in the nation rose 6.6 percent in February, fueled mainly by gains in the multi-family housing units sector. Overall, starts increased to a seasonally adjusted annual pace of 181,900 in February from a revised 170,600 in January, CMHC said. Analysts had forecast a smaller gain to 173,000 starts.
Urban starts increased9.4 percent, according to the report, to an annual rate of 161,000 units. Most of the increase came in the construction of multi-unit buildings, mainly condominiums, which increased 14.5 percent in the month. Multi-unit dwellings accounted for just shy of 95,000 of the 161,000-unit pace of starts in February.
The Canada Mortgage and Housing Corp reported Tuesday that housing starts in the nation rose 6.6 percent in February, fueled mainly by gains in the multi-family housing units sector. Overall, starts increased to a seasonally adjusted annual pace of 181,900 in February from a revised 170,600 in January, CMHC said. Analysts had forecast a smaller gain to 173,000 starts.
Urban starts increased9.4 percent, according to the report, to an annual rate of 161,000 units. Most of the increase came in the construction of multi-unit buildings, mainly condominiums, which increased 14.5 percent in the month. Multi-unit dwellings accounted for just shy of 95,000 of the 161,000-unit pace of starts in February.
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