{"id":48257,"date":"2024-06-17T14:11:34","date_gmt":"2024-06-17T14:11:34","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/06\/17\/housing-starts-in-canada-hit-highest-level-in-seven-months\/"},"modified":"2024-06-17T14:11:34","modified_gmt":"2024-06-17T14:11:34","slug":"housing-starts-in-canada-hit-highest-level-in-seven-months","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/06\/17\/housing-starts-in-canada-hit-highest-level-in-seven-months\/","title":{"rendered":"Housing starts in Canada hit highest level in seven months"},"content":{"rendered":"
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Canada\u2019s housing starts jumped to the highest level in seven months, as the country\u2019s two largest provinces ramped up construction on apartments, townhouses and condominiums.<\/p>\n

Builders started work on an annualized 264,506 units in May, according to data released Monday by the Canada Mortgage and Housing Corp. That\u2019s an increase of 9.7 per cent from a month earlier, more than economists had expected in a Bloomberg survey.<\/p>\n<\/div>\n

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Ontario and Quebec \u2014 the country\u2019s most populous provinces \u2014 led the increase in starts, rising 18 per cent and 67 per cent respectively. Housing starts fell 16 per cent in British Columbia, Canada\u2019s westernmost province. Compositionally, the number of single-detached homes that began construction during the month was little changed, meaning the gains were concentrated in multiple-unit builds.<\/p>\n

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The federal government has announced billions in new loans and tax breaks intended to encourage construction as housing affordability has worsened. The country\u2019s chronic shortage of homes has been further aggravated by an influx of temporary residents that has driven population growth to one of the highest levels in developed countries.<\/p>\n

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