Canadian Housing Starts Jumped 14% in February

Housing starts in Canada increased 14% month-over-month in February, rising to a seasonally adjusted annual rate of 253,468 units, according to the Canada Mortgage and Housing Corporation.

The uptick followed two consecutive months of housing start declines in the country. Seasonally adjusted housing starts in Vancouver and Toronto were up 79% and 15%, respectively, driven by increases in multi-unit starts.

“As the national housing shortage continues, the focus for developers continues to shift towards multi-unit construction in Canada’s major centers,” stated Bob Dugan, CMHC’s Chief Economist.

The full CMHC report can be found here.