Housing starts in this country unexpectedly rose in January as Ontario saw a strong increase on groundbreaking of new homes, suggesting home construction got off to a strong start in 2017.
Figures released Wednesday by Canada Mortgage and Housing Corporation (CMHC) showed the seasonally adjusted annualized rate of housing starts rose to 207,408 units from a downwardly revised 206,305 in December. Economists were calling for starts to decline to 200,000.
CMHC says the increase was driven by a 4.2%gain in the multiples segment, which includes condominiums, while new construction on single-detached homes declined 4.6%.
Groundbreaking in Ontario led the way higher with an increase of 25.1% to 96,883 units, possibly helped by the weather.
Starts also increased in the Atlantic provinces, although they declined in Quebec and the Prairies.
