Canada’s housing construction still booming

June 21, 2013

Canada’s housing construction still booming, thanks mostly to condos

Canada’s surprisingly resilient high-rise condo sector is being credited with pushing housing starts in May far higher than expected.

 



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Canada’s high-rise condo sector remains surprisingly resilient a year after the housing market started to soften, and it’s being credited with pushing housing starts in May far higher than expected.

Starts beat analysts’ expectations at 200,000 in May — up from just under 176,00 in April and considerably higher than the widely anticipated 175,000 units.

While still down overall from last year when sales started slumping in the face of fears about the housing market and tighter mortgage lending rules, high-rise condo construction starts came in 22 per cent higher in major urban centres in May compared with April.

 


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