EAL

ESTATE

Housing starts take jump in July

NATIONAL HOUSING
starts jumped 11.4% in July
to 162,300 units at a
seasonally adjusted annual
rate (SAAR), up from a
level of 145,700 units in
June, reported Canada
Mortgage and Housing Cor-
poration (CHMC),

In urban centres, starts of
single detached dwellings
reached 63,700 units SAAR,
up 4.3% from a level of
61,060 in June. Multiple
unit’ construction expanded
by 25.2% to 73,600 units,
from a level of 58,800 units
in June.

“The July performance is
the best since April. The

streneth comes mainly from
British Columbia and On-
tario, In BLC., the higher
level is more in line with the
strong underlying market
conditions. In Ontario, the
advance came from the
multiple rental sector, both
private and public,’’ said
Gilles Proulx, chief
economist at CMHC's rnar-
ket analysis centre.
“Nationally, much of the
advance in July was due to
multiple units, where starts
activity tends to be volatile.
Starts of single detached
dwellings are increasing
gradually but they will not
offset expected swings in

multiple starts during the
next few months,”

Urban starts. in) British
Columbia increased to their
highest level in almost
three-and-a-half years at
43,400 units SAAR in July,
from 30,500 units in June.

All types of units shared
in the recovery although
multiple condominium starts
made the largest contribu-
tion.

Starts activity in urban
centres of Ontario rose to
35,100 SAAR from 28,800
units in June. The im-
Provement reflects higher
activity in rental units, both
private and public.

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