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- Canada’s housing starts rise more than forecast in May
Canada’s housing starts rise more than forecast in May
The
Canada Mortgage and Housing Corp. (CMHC) reported on Tuesday the seasonally
adjusted annual rate of housing starts was at 275,916 units in May, up 3.2
percent from a downwardly revised 267,449 units in April (originally 268,631 units).
Economists
had forecast an annual pace of 270,000 for May.
According
to the report, urban starts rose by 1.8 percent m-o-m last month to 254,647 units,
as multiple urban starts surged by 10.9 percent m-o-m to 190,530 units,
while single-detached urban starts tumbled 18.0 percent m-o-m 64,117 units. At
the same time, rural starts were estimated at a seasonally adjusted annual rate
of 21,269 units.
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