Housing starts rise on apartment, condo gains
Canada’s national housing agency says a jump in the number of new apartments and condos in Ontario helped boost to the country’s housing starts in June.
Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts was 197,400, up from 194,100 in May.
The agency pointed out that recent months have shown particular strength, which it doesn’t think will last.
Bob Dugan, CMHC’s chief economist, says it’s likely that housing starts will move back towards more normalized levels in the short term.
Urban starts increased 2.2 per cent to an annual rate of 174,600 units in June, while rural starts were estimated at 22,800.
Ottawa— Globe and Mail Update
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