Canada Housing Starts Soar to Highest Since At Least 1970s

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Canadian housing starts jumped to the highest level in more than four decades as developers seek to take advantage of a hot real estate market.

Builders started work on an annualized 335,200 units last month, a jump of 22% from February’s already elevated levels, Canada Mortgage and Housing Corp. said Monday. That beats economist predictions for a 255,000 increase and was the highest monthly total since at least 1977. The gain was led by construction of multi-family dwellings like condos.

The report is one more sign that developers anticipate real estate will continue to boom, as housing markets across the country report double-digit price gains.

Canada Housing Starts Soar to Highest Since At Least 1970s

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