March Housing Starts Pick Up The Pace
The pace of Canadian housing starts was brisk in March, with construction of apartments and condos remaining strong — aided by continued low interest rates and unseasonably warm weather.
Recent statistics released from the Canada Mortgage and Housing Corp. (CMHC) reveal that housing starts in March were higher than expected, bringing the seasonally adjusted rate up approximately 5% over February. The warm start to spring and continuing trend of low mortgage rates seem to be fuelling these results.
Multiple unit properties account for a large part of the increase, most significantly in Ontario and the Prairies. Although single detatched starts have decreased somewhat compared to February, both multiple and single units have shown a significant year over year increase.
Read the full article from CBC News here.