Mon, 17 May 2021

OTTAWA, April 19 (Xinhua) -- Canada's new housing construction rose record 21.6 percent in March due to loosening restrictions against the COVID-19 pandemic and warmer weather, according to Canada Mortgage and Housing Corporation on Monday.

The seasonally adjusted annualized rate of housing starts rose to 335,200 units in March. The rise was much larger than expected and marked the strongest single month since 1990.

Much of the rise was on multiple urban starts, which jumped 33.8 percent to 222,358 units. Single-detached urban starts increased 3.6 percent to 78,615 units.

Canada's average home selling price reportedly jumped 31.6 percent year over year in March, hitting a new high as sales also rose to a new all-time record.

Demand for detached homes in smaller cities has been supported by record-low interest rates and a preference for more space during the pandemic.

A survey by the Conference Board of Canada released Monday found that low mortgage rates and robust population growth are creating strong demand in the residential construction sector.

More Portland News

Access More

Sign up for Portland News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!