Canadian housing starts rise

Canadian builders were busy in June; housing starts increased to 222,700 units, up from 217,400 in May, says the Canada Mortgage and Housing Corporation.

“The increase was mainly due to multiple urban starts in Quebec and British Columbia,” says Mathieu Laberge, deputy chief economist at CMHC’s Market Analysis Centre.

The group expects the pace of housing starts to moderate as the year progresses, however.

The seasonally adjusted annual rate of urban starts increased by 2.6% to 199,500 units in June. Urban single starts fell slightly by 0.3% to 67,500 units, while multiple urban starts jumped up by 4.1% to 132,000 units.

By province, urban starts were boosted 7.7% in Atlantic Canada, 17.3% in Quebec and 31.2% in British Columbia. Urban starts decreased 6.9% in the Prairies and 9% in Ontario.

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