Canada Housing Starts Jump 14% in February to 253,468

By Robb M. Stewart

OTTAWA--Canadian housing starts rebounded in February as builders kicked off work on multi-unit developments in cities including Toronto and Vancouver.

Housing starts across Canada came in at a stronger-than-expected seasonally adjusted annualized rate of 253,468 units last month, a 14% increase from January, Canada Mortgage and Housing said Friday. The market was expecting 227,500 residential housing projects to have started for the month, according to economists at TD Securities.

The rise follows declines the previous two months.

The trend measure--a six-month moving average of the monthly seasonally adjusted annual rate of housing starts--advanced 0.4% to 245,665 units, Canada's national housing agency said Friday.

Urban starts of multi-family units, such as condominiums and row houses, increased 20% to 196,392 units, while starts for single detached units fell 2% to 42,241 units.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

03-15-24 0842ET