Economics
New Home Construction in Canada Hits Its Highest Since 2007
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Construction on new homes surged to the highest level in more than a decade as Canada’s housing market continues to defy expectations of a slowdown.
Housing starts surged to 262,396 units in August on an annualized basis, up 6.9% from an already elevated 245,425 units a month earlier, Canada Mortgage and Housing Corp. said Wednesday in Ottawa. The highest monthly total since September 2007 was powered by new construction in Toronto and Vancouver, particularly multiple units like condos.