Canadian housing starts for June from the CMHC
– Highest since September
– Prior was 188.6K (revised to 186.7K)
– Starts up 7% y/y
“Overall, June saw housing starts pick up pace in Canada, bolstered by apartment construction in Ontario – especially new condo construction in Toronto’s downtown core,” said Bob Dugan, CMHC Chief Economist. “However, elsewhere in the country, construction activity slowed as apartment construction eased in Quebec. Housing starts are also trending down in Alberta as a result of high inventories in the new and existing home markets of that province.”