OTTAWA — The Canada Mortgage and Housing Corp. (CMHC) says the annual pace of housing starts picked up in February compared with January.
The agency says the seasonally adjusted annual rate increased to 229,737 units in February, up from 215,260 in January.
Economists had expected the rate to come in at 216,600, according to Thomson Reuters.
The overall increase came as the seasonally adjusted annual rate of urban starts increased by 7.1 per cent in February to 211,211 units.
Multiple urban starts increased 15 per cent to 154,535 units while single-detached urban starts fell 9.8 per cent to 56,676 units. Rural starts were estimated at a seasonally adjusted annual rate of 18,526 units.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts was 225,276 units in February compared with 224,572 in January.