Canada Housing Starts Rise 6.7 Percent in February

Canada housing starts increased to a seasonally adjusted annual rate of 229,737 units in February, up from January’s 215,260 units, according to Canada Mortgage and Housing Corporation.

The 6.7 percent increase is largely due to a growing demand for condominium apartments in most of the country’s urban areas, including Vancouver and Toronto. Toronto, Canada’s largest city, had a record number of apartment starts in February, according to CMHC.

Single-detached urban housing starts trended lower in February, decreasing 9.8 percent to 56,676 units.

The seasonally adjusted annual rate of urban starts in Canada overall increased by 7.1 percent to 211,211 units in February.