Canada February Home Starts Show Biggest Gain Since 1983

Canada Revs Up Hunt for Foreign Flows Into Housing Market

Canadian housing starts in February posted their biggest one-month gain since 1983, powered by condominiums.

The annualized pace of home starts jumped 29 percent to 212,594 units, Ottawa-based Canada Mortgage & Housing Corp. said on its website Tuesday. The total exceeded all 14 predictions in a Bloomberg News economist survey that called for a pace of 180,000.

Multiple urban starts increased by 46 percent to 138,774 units in February on an annualized basis, driven by gains in British Columbia and Ontario. Single-detached urban starts increased 6.1 percent to 61,457 units.

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