OTTAWA, ON - A surge in housing starts in April put the Canadian industry on on pace to build 244,900 units for the year, according to the Canada Mortgage and Housing Corporation (CMHC).

Canada's April housing figures bested the March seasonally adjusted average of 214,800 units 14.0%, the CMHC said.

Quebec led all provinces in posting a 56.5% gain, followed by Ontario, up 12.2%.

Most of increase was in multi-housing as single-family homes hovered at 67,700 units, about one-fourth of the total housing stock captured in CMHC's report. Single-family units declined throughout Canada in April, with the exception of Ontario +7.9%.

"Most of the increase was in the multiples segment. The increase in this segment is partly a reflection of the high level of pre-sales in large multi-unit projects since 2011, which is in line with job gains over the last year," said Mathieu Laberge, Deputy Chief Economist at CMHC's Market Analysis Centre.

Source: Woodworking Network

Posted and edited by Riona, Hanbao News Department

Contact: rionach@cltimber.com