Canada's housing starts jump 16% in July

Developers remain focused on multi-unit construction in Canada’s major centers, says chief economist

By Ovunc Kutlu

ISTANBUL (AA) - Housing starts in Canada jumped 16% in July, compared to the previous month, according to Canada Mortgage and Housing Corporation (CMHC) figures released Friday.

Housing starts stood at 279,509 units in July, up from 241,643 units in June, a CMHC statement said.

The market estimate for the figure was to come in at around 246,000.

In May 2023, the country saw housing starts plummet 23% to 202,494 units – the lowest in more than three years.

CMHC Chief Economist Bob Dugan said the rise in housing starts in July was due to growth in actual year-on-year figures, driven by higher multi-unit starts, particularly in Calgary and Ottawa.

"As the national housing shortage continues, developers remain focused on multi-unit construction in Canada’s major centres," he added.

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