Canadian housing starts climb 8.8% in January: CMHC

A real estate assembly of houses marked for demolition stand next to a billboard advertising a future condominium to stand in their place, in Toronto, Ontario, Canada January 6, 2019. REUTERS/Chris Helgren

TORONTO (Reuters) - Canadian housing starts rose by 8.8% in January compared with the previous month as groundbreaking increased on multiple unit urban homes, data from the national housing agency showed on Monday.

The seasonally adjusted annualized rate of housing starts rose to 213,224 units from a revised 195,892 units in December, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to rise to 205,000.

Reporting by Fergal Smith; Editing by Chizu Nomiyama