By Canadian housing starts experienced a significant rebound in June after months of decline, according to the Canada Mortgage and Housing Corp. (CMHC). The seasonally adjusted annualized rate of housing starts reached 281,373 units, representing a remarkable 41% increase from the previous month. This surge is the largest month-to-month change in the last decade, primarily driven by multiunit starts, which accounted for 82% of the total.
Strong Growth in Multifamily Units
The trend measure, which is a six-month moving average, further reflects the positive momentum in the housing market. In June, it stood at 234,974 units, up from 229,520 units in May.
The July report from CMHC indicates that urban starts of multifamily units, including condominiums and row houses, experienced a notable increase of 59% to reach 219,914 units. In contrast, starts of single detached urban homes also saw modest growth, rising by 3% to 42,901 units.
While the factors contributing to this rebound in housing starts are yet to be fully analyzed, this surge is undoubtedly a positive sign for the Canadian real estate market.
Comments