There was an unexpected surge of housing starts in markets across Canada in August, according to the Canadian Mortgage and Housing Corporation. This is, in part, a result of a few multi-unit projects in Toronto which were pre-sold in late 2010 and 2011 and broke ground in August.
The seasonally adjusted rate of housing starts in August was 229,900 units. This is up from July when housing starts totaled 208,000 units.
“The July figure was revised down slightly from 208,500 units reported previously,” one reporter noted in The Vancouver Sun.
August’s housing starts were well above experts’ forecasts, who had expected starts to slow to 200,000 units.