Economics
Canadian Housing Starts Surge 25% on Coast-to-Coast Increase
- All 10 provinces post gains for first time since 1996
- Multiple-family starts rise 31% on month, leading advance
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Canadian housing starts surged to the highest level in more than a year in June, led by construction of multiple-family dwellings such as condos and row houses.
In another sign of recovery for the nation’s real estate market, builders started work on an annualized 245,657 units last month, a jump of 25% from May, Canada Mortgage and Housing Corp. said Tuesday -- easily topping the median forecast of 208,600 units in a Bloomberg survey. Multiple unit starts rose 31% on the month to 189,200, CMHC said.