Mortgage and Housing Corp. (CMHC) reported on Tuesday the seasonally adjusted
annual rate of housing starts was at 245,657 units in June, up 24.8 percent
from a downwardly revised 196,809 units in May (originally 202,337 units).
Economists had forecast an annual pace of 210,000 for June.
According to the report, urban starts climbed by 25.7 percent m-o-m last month to 234,238 units, as multiple urban starts jumped by 31.2 percent m-o-m to 185,804 units, while single-detached urban starts rose by 8.2 percent m-o-m, to 48,434 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 11,419 units, up 9.9 percent m-o-m.
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