July 9, 2019 / 12:32 PM / 2 months ago

Canadian housing starts surge 26% in June: CMHC

FILE PHOTO: A construction worker works on building a new house in Calgary, Alberta, April 7, 2015. REUTERS/Todd Korol

TORONTO (Reuters) - Canadian housing starts rose much more than expected in June compared with the previous month, led by groundbreaking on multiple unit urban homes, data from the national housing agency showed on Tuesday.

The seasonally adjusted annualized rate of housing starts rose to 245,657 units from a revised 196,809 units in May, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had projected starts to rise to 210,000.

Reporting by Fergal Smith

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