Pace of housing starts picks up
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.
Construction workers build new homes in a development in Ottawa on Monday.