Canadian Housing Starts Increase 3 Percent in March

The six-month moving average of Canadian housing starts in March was 211,342 units, a 2.8 percent increase compared with 205,521 units in February and the highest level since 2007, according to the Canada Mortgage and Housing Corporation.

“March housing starts were at their highest level since September 2007, pushing the trend in housing starts upward for a third consecutive month,” said Bob Dugan, CMHC chief economist, in a statement. “Stronger residential construction at the national level is reflected by a rising trend in single-detached and multi-unit starts in Ontario and continued growth of new rental apartments in Québec.”

Month-over-month, the seasonally adjusted annual rate of housing starts in Canada in March was 253,720, an 18.4 percent increase from 214,253 in February. Urban starts increased 20.2 percent to 235,674 and multifamily starts increased 30.2 percent to 160,989.