Nanaimo mortgages, home loans, mortgage lenders, brokers, equity loans.

Canada May Housing Starts Climbed More Than Expected

By Greg Quinn

June 9 (Bloomberg) -- Canadian new-home starts rose a greater-than-expected 3.5 percent in May from the previous month, led by a gain in single-family dwellings.

The total of 221,300 units on an annualized basis compares with 213,900 units in April, Canada Mortgage and Housing Corp. said today from Ottawa. Economists predicted an increase to 220,000, the median of 23 responses in a Bloomberg News survey.

Canada's housing market remains ``healthy'' because of low unemployment and rising wages, and because banks in the country offered fewer of the subprime mortgages that roiled the economy in the U.S., Canada Mortgage and Housing Corp. said last month. Still, the housing agency said Canadian home starts will fall 6 percent this year due to higher mortgage interest costs.

Urban single-family home construction rose 7.3 percent to 76,700. The pace of multiple housing starts in cities rose 1.9 percent to 116,100 units in May, CMHC said.

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net.

Last Updated: June 9, 2008 08:46 EDT 

Looking to buy or re-finance a home in Nanaimo? 
Call Joe Tomkins at Invis - Canada's mortgage brokerage of the year 2007-2008