08 June 2011 16:28 [Source: ICIS news]
TORONTO (ICIS)--Canadian housing starts rose 2.7% in May from April to an annual rate of 183,600 units, a government housing agency said on Wednesday.
Ottawa-based Canada Mortgage and Housing Corporation (CMHC) said the increase was primarily the result of more starts of multiple-unit construction projects in most provinces, while starts for single units fell.
Urban housing starts rose 0.6% to an annual rate of 161,000 units in May.
Mathieu Laberge, manager for economics and housing analysis at CHMC, said overall Canada’s housing market is healthy - in both the new housing and the resale market.
Laberge added that Canadian interest rates continue to be low, which provides stimulus for the housing market.
In related news, a government statistics agency said this week that the value of Canadian building permits in April dropped 21.1% to Canadian dollar (C$) 5.3bn ($5.4bn)from March.
Both non-residential and residential sectors declined in April, with
April's decline in the value of permits came after sequential increases in March and February of 16.8% and 9.8%, respectively.
($1 = C$0.98)Read Paul Hodges’ Chemicals and the Economy Blog
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