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OTTAWA - Home construction rose more than expected in June as Canada`s beleaguered housing market showed signs of a possible recovery.
The seasonally adjusted annual rate of housing starts increased eight% to 140,700 units during the month from 130,300 units in May, Canadian Mortgage and Housing Corporation said Thursday.
"The increase in housing starts in June is broadly based, encompassing both the singles and multiples segments," said Bob Dugan, CMHC`s chief economist. "In addition, Western Canada experienced an increase this month."
Most economists had expected 130,000 housing starts in June.
"The Canadian housing market posted its first back-to-back monthly gain since February last year," said Millan Mulraine, economics strategist at TD Securities.
"However, despite the strong increase, starts are down 33.9% compared to their June 2008 levels, and are still 48.5% below the high watermark set in September 2007."
CMHC said housing starts are expected to improve "throughout 2009 and over the next several years to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."
Read the full article here.
The seasonally adjusted annual rate of housing starts increased eight% to 140,700 units during the month from 130,300 units in May, Canadian Mortgage and Housing Corporation said Thursday.
"The increase in housing starts in June is broadly based, encompassing both the singles and multiples segments," said Bob Dugan, CMHC`s chief economist. "In addition, Western Canada experienced an increase this month."
Most economists had expected 130,000 housing starts in June.
"The Canadian housing market posted its first back-to-back monthly gain since February last year," said Millan Mulraine, economics strategist at TD Securities.
"However, despite the strong increase, starts are down 33.9% compared to their June 2008 levels, and are still 48.5% below the high watermark set in September 2007."
CMHC said housing starts are expected to improve "throughout 2009 and over the next several years to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year."
Read the full article here.