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| Housing Starts Rise More Than Expected in August. |
| Friday, September 11, 2009 |
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Housing starts rise more than expected in August. OTTAWA - Home construction increased more than expected in August as the housing market continued to rebound, according to Canada Mortgage and Housing Corp. The federal agency said housing starts increased to 150,400 units in August from 134,200 units the previous month. Most economists had expected housing starts to increase to about 138,000 units in August. "Housing starts are trending higher, reflecting improvements in both the single and multiple segments, " said Bob Dugan, CMHC's chief economist. "The improvement in housing starts is consistent with our expectation of a stronger second half for 2009." CMHC said the seasonally adjusted annual rate of urban starts rose 14 per cent to 131,800 units in August. Multiple-unit construction rose 23.8 per cent to 77,600 units, while the single-unit sector gained 2.5 per cent to 54,200 units. Overall, urban construction was up 56 per cent in British Columbia, 16.1 per cent in the Prairies, 13.8 per cent in Ontario, 9.6 per cent in Atlantic Canada, and 2.5 per cent in Quebec. Rural starts were unchanged in August at 18,600 units. |
