The pace of new housing starts in this country picked up in June and came in better than expected, defying a recent trend of disappointing economic news.
Canada Mortgage and Housing Corp.’s seasonally-adjusted rate of residential construction starts rose to 202,818 in June -- up from 196,981 units in May.
Economists had estimated there would have been a decline in the annualized rate to 190,000, according to Thomson Reuters.
CMHC says the increase in starts came as the number of urban multiple-unit projects gained 3.7%, while single-detached urban starts gained 2%.
There has been a recent string of disappointing economic news in recent weeks leading to some economists to suggest Canada dipped into recession in the first half of the year.
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