(OTTAWA) The annual pace of housing starts in June posted its largest month-over-month increase in a decade, fueled by the start of work on new multi-unit housing projects, it said Tuesday. Canada Mortgage and Housing Corporation (CMHC).
The national housing agency pointed out that the seasonally adjusted annual rate of housing starts in Canada totaled 281,373 units in June, compared to 200,018 in May.
The annual pace of housing starts in urban centers rose 46 per cent to 262,815 units in June. In these centres, the rate of multi-family housing starts increased by 59% to reach 219,914 units, while that of single-detached housing starts increased by 3% to reach 42,901 units.
The annual rate of housing starts in Vancouver in June increased by 71% compared to May, while that observed in Toronto doubled its rate of the previous month.
CMHC estimated the annual pace of rural housing starts at 18,558 units in June.
The six-month moving average of the annual pace of housing starts was 234,974 units in June, compared to 229,520 units in May.