Reported about 2 months ago
Canada's housing starts unexpectedly surged to an annualized rate of 279,509 units in July, the highest level since June 2023 and surpassing economists' expectations of 245,000 units. This 15.7% monthly increase was primarily seen in multi-unit buildings, particularly driven by construction in Ontario, where starts rose 59%. Despite this positive momentum and government efforts to improve affordability, housing starts remain below levels seen in 2021 and 2022, and Canada still faces a significant housing shortage.
Source: YAHOO