Figures released Tuesday morning by Canada Mortgage and Housing Corp. show the annual pace of housing starts in Canada picked up in June.
CMHC's seasonally-adjusted annual rate of housing starts in June came in at 212,695 units, up from 194,955 units in May. The June figure trumped the expectations of economists, who expected that annual rate to come in at 200,000
The overall increase came as the pace of urban starts increased by 9.6% to 194,773 units. Multi-unit urban starts increased by 9.4% to 127,944, while single-detached urban starts increased by 10.1% to 66,829.
CMHC says the six-month moving average of the monthly seasonally-adjusted annual rates increased to 215,459 in compared with 214,570 in May.
