New home construction explodes in April

May 9, 2012

Home building in Canada soared in April according to the Canada Mortgage and Housing Corp. There was a seasonally adjusted annual rate of 244,900 housing starts in April - up 14 per cent from the March. This total exceeded the 204,000 housing starts that economists polled by Bloomberg had been predicting. Urban starts were up 18 per cent to an annual rate of 226,200, while the estimate on rural starts were down 19 per cent to 18,700.

CIBC World Markets economist Emanuella Enenajor said that unseasonably warm weather has been helping starts, “April's return to more normal seasonal temperatures still saw home building soar."
Regionally, there was a surge of 56.5 per cent in urban housing starts in Quebec. They were up 12.2 per cent in Ontario, 6.3 per cent in the Prairies and British Columbia, and 2.6 per cent in Atlantic Canada.
According to the CMHC, construction on multiple-housing units in urban areas drove the overall gains. They were up 27.4 per cent to a rate of 158,500. Urban singles saw a gain of 0.6 per cent to 67,700.

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