February housing starts in Ontario
TORONTO, ONTARIO`(Marketwired ` March 10, 2014) - Housing starts in the Ontario region were trending at 58,938 units in February, compared to 60,639 units in January, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
`Despite an easing in the construction trend, Ontario residential construction activity inched higher in February. Weakness in low density starts was offset by strength in high density construction. Strong demand for resale homes, a backlog of apartment units awaiting construction in combination with a gradual improvement in the job market are factors supportive of housing construction in early 2014,` said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
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