Housing starts surprise with record numbers
December 21, 2017
Canada’s home builders have hit an unprecedented pace, starting construction on a record number of multiple-unit projects over the past year.
A November surge in everything from semi-detached homes to condos has brought the number of housing starts over the past 12 months to the highest on record based on data going back to 1959, according to Canada Mortgage and Housing Corp.
The jump surprised policy makers and analysts particularly given the softening that has taken place in the Toronto resale market, the country’s largest, in recent months.
“Canadian home building activity remains rock solid,” BMO Capital Markets economist Robert Kavcic said in a note to investors. “Builders in the biggest cities appear to be responding to supply shortages as best as possible.”