The annual pace of new housing picked up in this country during January, as more multiple urban starts offset a drop in single-detached urban starts, according to information released this morning by Canada Mortgage and Housing Corporation.
CMHC says the seasonally adjusted annual rate increased to 187,276 units in January, up from 179,637 in December. Economists had expected the rate to come in at 178,000, according to Thomson Reuters.
The agency says the rate of new home starts in urban areas rose to 172,322 units in January from 161,940 in December.
The increase was led by the rate of multiple urban starts, which increased to 115,008 units in January from 102,384 in December.
CMHC says single-detached urban starts fell to 57,314 units last month from 59,556 in December.
CMHC said the six-month moving average in January was 188,956 units, down from 191,627 in December.
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