Canadian housing starts rebounded in August, however, experts cautioned to look too much into this as it follows a weak July, the CMHC reported last week.

Analysts had expected 195,000 starts across the country and there was actually a 13% increase to a seasonally adjusted annualized rate of 211,000 units from 186,500 units in July. The majority of the gain was in Ontario, which saw a 81% hike.

Interesting facts:

CMHC attributed the increase to multiple-unit starts, which went up 25.2% to 114,700 units following a 20.2% slide in July

Urban single-family residence starts rose 2% to an annual rate of 71,200 units

Rural starts in August were estimated at an annual rate of 25,100 units, unchanged from July

Ontario housing starts were up 86,500 in August

BC was down 8% to 30, 400 units

22.5% drop in Prairie region to 23,700

Down by 8.7% to 37,600 in Quebec

---

Want us to send you a weekly recap of the latest posts straight to your inbox? (Plus we've been known to send out a giveaway or two.) Sign up for our weekly Friday Roundup.

---