Housing Starts Surge 23% in Comeback for Canadian Builders

Canadian housing starts unexpectedly surged in April, in another sign of recovery for the nation’s battered real estate market.

Builders started work on an annualized 235,460 units last month, the highest level in 10 months and up 23 percent from 191,981 units in March, the Canada Mortgage and Housing Corp. reported Wednesday. The gain was driven by new multi-unit construction in Toronto and Vancouver.