The June numbers reveal a resiliency that continues to surprise policy-makers and analysts, particularly since sales in some of the country’s priciest real estate markets have been cooling. Economists forecast annualized housing starts of 210,000 units in June, from 193,902 in May. Demand for condos seems to be high given low levels of inventory, the Ottawa-based housing agency said.
“The national inventory of newly completed and unabsorbed multi-unit dwellings has remained below its 10-year historical average so far in 2018, indicating that demand for this type of unit has absorbed increased supply,” Bob Dugan, CMHC’s chief economist said in a statement.
Montreal, Canada’s second largest city, also posted strong gains, with a 68-per-cent jump in annualized multiple-unit construction. Vancouver recorded declines last month.