Canada: Housing starts surge in June, rounding off a solid Q2
Housing starts on a seasonally-adjusted (SAAR) basis rose to 245,657 units in June, according to the Canada Mortgage and Housing Corporation (CMHC), smashing analysts’ expectations. June’s reading was up markedly from May’s downwardly revised 196,809-unit print (previously reported: 202,337), and was driven by more multiple and single-detached urban starts.
Meanwhile, the six-month average of housing starts on a SAAR basis increased to 205,838 units in June from 200,530 in May. Over Q2 as a whole, housing starts averaged notably higher than in the prior quarter, which bodes well for construction investment.