Housing Sector Cheers in August

It appears the housing sector in this country is on its way out of sick bay, thanks.

Figures released Wednesday by Canada Mortgage and Housing Corporation revealed Canadian housing starts rose 6.9% in August compared with the previous month as groundbreaking increased on multi-family units.

CHMC's seasonally-adjusted annualized rate of housing starts rose to 262,396 units from revised 245,425 units in July. Economists had expected starts to fall to 220,000.