New Housing Starts Rise In Canada

nadian housing market saw a 9% increase in May, although the number of new single- and multiple-unit residential projects is still far below the 2008 level. According to Canada Mortgage and Housing Corp. (CMHC), foundations were poured for 469 homes during the month, compared to 1,757 homes started during May 2008. Provincial home starts in areas with more than 10,000 people slipped 5% to 9,400 units, seasonally adjusted at annual rate, from 9,900 units in April, according to CHMC. However, all area housing starts rose 9% to 128,400 units from 117,600 in April, as all provinces except British Columbia recorded an increase in new home construction activity in May. ‘The number of housing starts is in line with CMHC's forecast, and the pace of decline is expected to moderate during the latter part of the year,’ says Robyn Adamache, senior market analyst at CMHC. ‘Low mortgage interest rates and buyers' market conditions will encourage housing purchases, which should help the absorption of the existing inventories of new and resale housing.’ SOURCE: Canada Mortgage and Housing


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