June housing starts inch higher
The pace of new home construction increased to more than 198,000 units in June, a rebound after some weakness earlier in the year.
The stronger monthly figure was driven by a surge in the prairie provinces, where the monthly pace of home building increased by 37 per cent, Scotiabank noted in a commentary following the release of the data by CMHC. Quebec, Ontario and British Columbia all posted declines.
"Despite the volatility in some of the provinces, looking through the details at the theme, the main point is that housing construction levels have rebounded from a weak winter and are looking fine so far this year," the bank noted.
In the release, the CMHC noted the mix of what types of homes are being built also changed. Of the total number, the multiple urban starts sector (which includes condos) decreased to 118,815 units, while consturction of detached homes increased to 63,164.