CMHC May data; ‘Expected to improve throughout 2009’

(Source: Financial Post)

Housing starts rose more than expected in May, with increased construction seen in both single and multiple dwelling sectors, according to Canada Mortgage and Housing Corporation.

The seasonally adjusted annual rate of starts increased to 128,400 units during the month from 117,600 in April, CMHC said yesterday.

“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,” the Crown corporation said.

Economists expected housing starts to total 126,000 units in May.

Read the full article “Housing starts beat projection” in the Financial Post (June 9, 2009).

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