March 8, 2018 / 1:29 PM / 10 days ago

Canada housing starts rise in February as multiples jump: CMHC

OTTAWA (Reuters) - Canadian housing starts rose unexpectedly in February as new groundbreaking for multiple unit buildings in urban areas jumped, more than offsetting a decline in single-detached starts, data from the Canada Mortgage and Housing Corporation showed on Thursday.

FILE PHOTO - Realtors' signs are hung outside a newly sold property in a Vancouver neighbourhood, September 9, 2014. REUTERS/Julie Gordon

The seasonally adjusted annual rate of starts rose to 229,737 in Febuary from January’s downwardly revised 215,260. Economists had forecast starts would be more or less flat at 216,600 homes.

Reporting by Andrea Hopkins; Editing by Chizu Nomiyama

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