RTTNews - Canadian housing starts rose more than forecast in June, and are expected to improve throughout 2009, according to Canada Mortgage and Housing Corporation (CMHC).
The seasonally adjusted annual rate of housing starts increased to 140,700 units in June from 130,300 units in May, CMHC reported Thursday.
Economists were expecting housing starts to once again rise about 130,000 units.
The increase in housing starts in June is broadly based, encompassing both the singles and multiples segments, said Bob Dugan, Chief Economist at CMHC. In addition, Western Canada experienced an increase this month.
Housing starts are expected to improve throughout 2009 and over the next several years to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.
The seasonally adjusted annual rate of urban starts increased 9.5 per cent to 120,100 units in June. Urban multiple starts increased 11.3 per cent to 67,000 units, while urban single starts also moved up by 7.3 per cent to 53,100 units in June.
June's seasonally adjusted annual rate of urban starts increased 59.4 per cent in the Prairies, 25 per cent in British Columbia, and 3.1 per cent in Ontario. Urban starts declined 6.3 per cent in Quebec, and 3.9 per cent in Atlantic Canada.
For comments and feedback: contact firstname.lastname@example.org