Canada housing starts climbed 23.1% in January

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Canadian housing starts surged in January, marking the biggest month-over-month increase since the onset of the pandemic.

Housing starts for January came in at a seasonally adjusted annualized rate of 282,428 units, an increase of 23.1%, Canada Mortgage and Housing Corp. said Monday. Market expectations were not immediately available.

The trend measure for January, or a six-month moving average of the monthly seasonally adjusted annual rate of housing starts, was 244,963 units, an increase from 238,747 units in the previous month.

CMHC said starts in urban markets climbed 27.7% in January, to 266,877, as construction began on multidwelling units, such as condominiums, and single-detached homes. Rural starts were estimated at a seasonally adjusted rate of 15,551 units.

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