Housing starts accelerate to 196,700 units, topping expectations, led by condo-building in Toronto

(Source: Globe and Mail)

Housing activity picked up speed last month, topping expectations as builders broke ground on more condominiums.

Starts rose to 196,700 units in February, on a seasonally adjusted annual rate, from 185,400 units in January, Canada Mortgage and Housing Corp. reported Monday.

“The gain in February housing starts was concentrated in the multiple starts segment, particularly in Toronto,” said Bob Dugan, chief economist at CMHC’s market analysis centre.

Read Tavia Grant’s full article “Home building soars in February” in the Globe and Mail (March 8, 2010).

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