Canadian Housing Starts Rise to Highest Level in Over a Year
July Housing Starts Climb 16% Compared to Previous Month
Construction Begun on 279,509 Units
Canada Mortgage and Housing Corporation (CMHC) released data on Friday indicating a significant increase in housing starts across the country in July.
The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas reached 279,509 units, a 16% increase compared to the previous month.
This surge represents the highest level of housing starts in Canada in over a year.
- Single-detached home starts increased by 13.1% to 77,588 units.
- Multi-family starts jumped by 18.5% to 201,921 units, driven by a surge in apartment building construction.
The increase in housing starts suggests continued strength in the Canadian housing market despite recent interest rate hikes.
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