Real Estate
Home Builders Gain Momentum in Canada After Sluggish Spring
- June housing starts of 281,400 easily beat survey estimates
- Rate hikes, labor shortages feed higher cost of building
Workers at the site of a residential building under construction in Montreal.
Photographer: Graham Hughes/BloombergThis article is for subscribers only.
Canadian homebuilders ended the first half of 2023 with their biggest month of the year, reversing a slump in construction activity.
The country saw 281,400 housing starts in June on an annualized basis, based on seasonally adjusted data from Canada Mortgage & Housing Corp. That beat estimates of 220,000 starts in a Bloomberg survey of economists.