Condos Drive Fastest Surge in Canadian Housing Starts Since 2007
- Multiple-unit starts increased by 30 percent in March
- Central bank may downplay strength at rate decision Wednesday
Condos stand in Toronto.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Canadian housing starts surged to the fastest pace in a decade, led by apartments and condominiums.
Housing starts soared 18 percent to an annualized 253,720 units in March, from 214,253 units in February, Canada Mortgage & Housing Corp. said in a statement Monday from Ottawa. Multiple-unit starts in urban areas surged 30 percent to 160,989 units.