Canada: Housing starts continue to increase in March
April 8, 2011
The Canadian housing market expanded for a third consecutive month in March. According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualised housing starts reached 188,800 units in March, up 2.8% from a revised 183,700 units in February (previously reported: 181,900 units). The result mainly reflected an increase in rural starts, as urban starts improved only slightly compared with the previous month. Due to housing starts' sensitivity to changes in the business cycle, rising starts bode well for solid economic growth in the months ahead. The CMHC estimates housing starts will total 174,800 units in 2011.