Housing starts stronger in May
Housing starts gained strength in May on a rebound in construction of single-family homes, Canada Mortgage and Housing Corp. said Monday.
Across the country, the seasonally adjusted annual rate of housing starts was 221,300 units in May, up from 213,900 units in April, CMHC said.
"Most of the increase reflected a rise in single starts, which in April had reached their lowest level since May 2001," said Bob Dugan, chief economist at CMHC's market analysis centre.
Economists had been projecting the annual rate of starts for May would come in between 215,000 and 220,000.
The seasonally adjusted annual rate of urban starts edged up by four per cent to 192,800 units compared to April. Starts of urban multiple units, such as condominiums, rose 1.9 per cent to 116,100 in May, while singles increased 7.3 per cent to 76,700 units.
CMHC said the annual rate of urban starts was up in every region of the country, except Ontario, which saw a decrease of 7.4 per cent to 67,600 in May.
Urban starts increased to 8,900 units in Atlantic Canada, 44,100 units in Quebec, 36,800 units in the Prairies, and 35,400 units in British Columbia.
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