Pace of hous­ing starts picks up

The Guardian (Charlottetown) - - BUSINESS -

The pace of new hous­ing starts picked up in June and came in bet­ter than ex­pected, de­fy­ing a re­cent trend of dis­ap­point­ing eco­nomic news.

Canada Mort­gage and Hous­ing Corp.'s sea­son­ally ad­justed rate of residential con­struc­tion starts rose to 202,818 in June, up from 196,981 units in May.

Econ­o­mists had es­ti­mated there would have been a de­cline in the an­nu­al­ized rate to 190,000, ac­cord­ing to Thom­son Reuters.

CMHC said Thurs­day the in­crease in starts came as the num­ber of ur­ban mul­ti­ple­u­nit projects gained 3.7 per cent.

CP PHOTO

Con­struc­tion work­ers build new homes in a de­vel­op­ment in Ot­tawa on Mon­day.

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