US Economic News
2/8/2010 8:57 AM ET
(RTTNews) -
Canadian housing starts rose roughly in line with estimates in January, industry data showed Monday, suggesting further stabilization of the nation's housing market.
The seasonally adjusted annual rate of housing starts reached 186,300 units in January 2010. This is an increase from an annual rate of 176,100 units in December 2009, according to Canada Mortgage and Housing Corporation (CMHC).
Economists expect 180,000 starts on an annual basis.
According to final figures, actual housing starts for 2009 totalled 149,081 units, with activity improving as the year progressed.
"Housing starts improved in both the singles and multiples segments in January," said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. "These increases are similar to the ones that occurred in December."
The seasonally adjusted annual rate of urban starts increased by 4.4 per cent to 165,200 units in January. Urban multiple starts increased by 5.7 per cent to 76,300 units while single urban starts increased by 3.3 per cent to 88,900 units.
January's seasonally adjusted annual rate of urban starts increased by 19.8 percent in British Columbia, by 7.3 percent in Quebec, by 2.3 per cent in Atlantic Canada, and by 1.5 percent in the Ontario. In the Prairie region, the seasonally adjusted annual rate of urban starts decreased by 4.8 per cent.
by RTT Staff Writer
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