According to recent data released by the Canadian Mortgage and Housing Corporation, the number of housing starts taking place during June grew to 197,400. This total is up from a revised figure of 194,100 in both May and April.
"Housing starts increased in June due to an increase in single and multiple starts in Ontario," said Bob Dugan, chief economist at CMHC's market analysis centre. "The revised numbers show that housing starts have been above their trend line since March. However, we expect housing starts to move back towards levels consistent with demographic fundamentals in the near term."
Overall, the number of urban starts increased by a seasonally adjusted rate of 2.2 percent, reaching 174,600 during the month. Starts of single-family urban homes also increased, growing 11.1 percent to 70,900, while multi-family starts were down 3.1 percent to 103,700.
Regionally, the seasonally adjusted rate of urban starts was up 24.1 percent in Ontario and 5.6 percent in the Atlantic region. In British Columbia, starts were down 27.6 percent, as well as 3.6 percent in Quebec. The declines could be a reflection of the rising interest rates for home loans.
Nationwide, rural starts settled at a seasonally adjusted annual rate of 22,800 units.