imageEconomic Indicators7 hours ago (Feb 10, 2020 09:26AM ET)

Canada Housing Starts Rise to Highest in Four Months on Condos

(Bloomberg) — Canadian builders began 2020 with a strong rebound in housing starts, particularly for multiple-unit construction.

Work began on an annualized 213,224 units in January, up 8.8% from a revised 195,892 in the prior month, Canada Mortgage and Housing Corp. said in a statement Monday. Economists in a Bloomberg survey had anticipated starts would be 205,000.

It’s the highest level of new construction activity in four months, and consistent with what has been a clear recovery in demand in some of the nation’s largest housing markets.

New home starts in Toronto, which has been showing signs of tight supply, were up 51% from December, on a seasonally adjusted basis. Montreal, another market that has been doing well, saw starts rise 53%.

Overall, Canada recorded a 13.6% jump in multiple urban starts during the month, while single-detached starts fell 0.9%.

Canada Housing Starts Rise to Highest in Four Months on Condos

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