| Housing starts pick-up the pace in February, CMHC reports |
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| Written by HGO Staff | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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OTTAWA (08 March 2010) - The seasonally adjusted annual rate of housing starts reached 196,700 units in February 2010, according to the Canada Mortgage & Housing Corporation (CMHC). This is an increase from the annual rate of 185,600 units in January 2010.
Starts were also substantially higher than they were in February 2009, when they reached the seasonally adjusted annualized rate of 134,900 units. "The gain in February housing starts was concentrated in the multiple starts segment, particularly in Toronto," CMHC chief economist Bob Dugan said in a statement. The seasonally adjusted annual rate of urban starts increased by 9% to 179,100 units in February. Urban multiple starts increased by 19.1% to 89,900 units while single urban starts increased by 0.5% to 89,200 units. February's seasonally adjusted annual rate of urban starts increased by 28.6% in Ontario, by 14.3% in Atlantic Canada, by 10.8% in the Prairie region and by 8% in British Columbia. In Quebec, the seasonally adjusted annual rate of urban starts decreased by 14.1%. Rural starts were estimated at a seasonally adjusted annual rate of 17,600 units in February. That's down from 26,800 units in February 2009.
Source: CMHC
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