The annual pace of new home construction climbed 14 per cent in February compared to the previous month, Canada Mortgage and Housing Corp. said on Friday.
The national housing agency says the seasonally adjusted annual rate of new home construction — also known as housing starts — amounted to 253,468 units in February, compared with 223,176 in January.
That was higher than the 230,000 units economists were expecting.
“A bounce-back in starts was anticipated in February after January’s decline. However, they continue to trend at a solid level, supported by rising construction of purpose-built rental units and elevated home prices,” wrote TD economist Rishi Sondhi in a
This story was originally published on CBC News. To read the rest of this news worthy story, please visit https://www.cbc.ca/news/business/cmhc-housing-starts-february-1.7144855?cmp=rss.