Canadian housing starts rose in June on construction of both single- and multiple-unit homes, Canada Mortgage and Housing Corp. said today from Ottawa. The total of 140,700 units on an annualized basis compared with a revised 130,300 units in May. Economists anticipated the pace of starts would be 130,000 units, according the median of 17 responses in a Bloomberg survey.
Recent data on Canada’s housing market, which the Bank of Canada said in April would cut 1.1 percentage points from growth in 2009, indicate the economy may be recovering from its first recession since 1992. “The data are consistent with other measures, including home sales and building permits, that suggest that we are making a significant move off the lows, perhaps in response to low mortgage rates and diminished fears that recession will turn into depression,” Avery Shenfeld, Canadian Imperial Bank of Commerce’s chief economist, said in a note to clients.
The total value of permits issued by municipalities jumped 15 percent to C$5.02 billion ($4.34 billion), Statistics Canada said July 7 in Ottawa. Existing home sales rose 8 percent from the previous month on a seasonally adjusted basis, the Canadian Real Estate Association said June 15 in a statement from Ottawa.
Read the full article by Alexandre Deslongchamps “Canada Housing Starts rise to 140,700 Units in June” at Bloomberg.com (July 9, 2009).