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UPDATE 1-Canada June housing starts unexpectedly jump on Ontario strength

Published 2016-07-11, 08:51 a/m
© Reuters. UPDATE 1-Canada June housing starts unexpectedly jump on Ontario strength
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OTTAWA, July 11 (Reuters) - Canadian housing starts rose
much more than expected in June from May on booming apartment
construction in Ontario as well as a strong performance from
British Columbia, data from the national housing agency showed
on Monday.
The report from the Canadian Mortgage and Housing Corp
showed the seasonally adjusted annualized rate of housing starts
rose to 218,333 in June from a revised 186,709 in May.
Economists had forecast 190,000 starts in June.
Senior officials in the Liberal government have recently
expressed concern about high prices in Toronto and the British
Columbia city of Vancouver, Canada's hottest markets, and say
they will study whether further tightening of mortgage rules is
needed.
"June saw housing starts pick up pace in Canada, bolstered
by apartment construction in Ontario, especially new condo
construction in Toronto's downtown core," said CMHC Chief
Economist Bob Dugan.
The CMHC data showed an increase in urban starts in British
Columbia and a slight drop in Quebec.
Dugan said housing starts were trending downward in the
energy-producing province of Alberta, which has been hit hard by
a slump in the price of crude oil.

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