Home builders in Canada largely shrugged off the woes of the oil patch as the pace of new residential construction picked up in January.
Housing starts rose to a seasonally adjusted 187,276 in January, increasing 4.3 per cent compared to December, Canada Mortgage and Housing Corporation reported February 9.
Canada Housing Starts
The rise in new construction activity came after a slow month in December, when starts fell 6.5 per cent to 179,600. CMHC revised its December numbers down slightly from an initial 180,300.
January’s gains were driven largely by multi-residential construction, which rose 12 per cent to 115,000 units. Alberta posted the strongest monthly gains on multiples, which rose 62 per cent to 44,800. Urban single-family construction continued its downward slide, with starts falling nearly 4 per cent to 57,300, below the 12-month average of 61,500.