Canada’s June housing starts rose more than expected from May to an 11-month high. The seasonally adjusted annualized rate of housing starts rose to 202,818 in June, compared to the downwardly revised 196,981 units in May, according to the Canadian Mortgage and Housing Corporation Thursday.
Home Building and Permits, Canada
Urban starts largely drove the increase, with a 3.2 per cent rise to 188,720 units. There was also a 0.4-per-cent increase in rural starts, with a seasonal adjusted annual rate of 14,098 units.
Seasonally adjusted multiple starts are at their highest level since September 2012, but are expected to moderate over the coming months, said the CMHC Thursday.
Meanwhile, the total value of building permits fell 14.5 per cent to $6.7 billion in May, following two months of double-digit gains, said Statistics Canada Wednesday.
In the residential sector, the value of permits declined 13.5 per cent to $3.9 billion in May, ending a string of three consecutive monthly increases.
Canadian municipalities issued non-residential building permits worth $2.8 billion in May, down 16 per cent from April. This decline followed gains of 24.8 per cent in March and 31.7 per cent in April.