Construction started on many more homes in this country during May, mainly due to an increase in multiple-unit structures such as condominiums.
Figures released Monday by Canada Mortgage and Housing Corporation said the seasonally-adjusted annual rate of new housing starts was at 201,705 units in May. That's up from 183,329 units in April and the highest level Canadians have seen for housing starts since last July.
Housing starts are considered a leading economic indicator as they are a rough gauge of confidence in the economy, because builders don't build homes unless they're confident of being able to sell them to equally confident buyers.
While the pace of single-family home construction was essentially flat at just under 59,000 units,multi-unit urban starts (which includes both condos and apartment buildings) increased by 16.9% to 126,367 units.
Across the country, the pace of new home construction increased in Atlantic Canada, Ontario and Québec, while decreasing in British Columbia and the Prairies.
