CMHC says annual rate of housing starts climbed 13 per cent in February
OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts climbed 13 per cent in February.
The national housing agency says the seasonally adjusted annual rate of housing starts for the second month of the year was 243,959 units compared with 216,514 in January.
The result came as the annual rate of urban starts bumped up 16 per cent to 222,663 units in February.
The annual rate of multi-unit urban starts increased 18 per cent to 173,745 for the month, while the pace of starts for single-detached urban homes rose eight per cent to 48,918 units.
After hitting its lowest level since September 2020 last month, #housing starts rebounded in February with a month-to-month increase of 13%.
The rebound was driven by a 55% increase in Toronto.
Read more: https://t.co/w78PiOLhCW pic.twitter.com/RUu6KBNuYs
— CMHC (@CMHC_ca) March 15, 2023
The annual pace of rural starts was estimated at 21,296 units.
The six-month moving average of the monthly seasonally adjusted annual rate was 255,735 in February, down two per cent from 259,830 units in January.
This report by The Canadian Press was first published March 15, 2023.