Canadian housing starts rose more than expected in February, data released on Monday showed.
The seasonally adjusted annualized rate of housing starts rose to 192,094 units last month from a upwardly revised 180,481 in January, the Canada Mortgage and Housing Corp said.
Housing Starts, Canada
The quantity of new homes on which construction began exceeded forecasts even though starts of detached houses in urban areas actually fell 2.4 per cent, to 59,126 units, and starts declined in the Prairies and British Columbia.
This compared to $16.5 million, or 25 cents per share, in the same period a year ago.
Starts of homes with multiple units (largely condos) in urban centres rose by 13.3 per cent in February, to 116,458 units. Urban starts were stable in Ontario, and higher in Quebec and Atlantic Canada.
