June Housing Starts "Surpassed Expectations," Toronto Still Weak

Canadian housing starts experienced a modest rise in June, with a 14% year-over-year increase, though gains varied widely across regions. Toronto and Vancouver diverged, with Vancouver seeing a 74% increase in starts primarily due to multi-unit projects, whereas Toronto faced a 40% decline driven by weak condo market conditions. The overall Canadian trend saw slight progress in certain provinces, but several factors, such as high construction costs and economic uncertainty, pose challenges. The data surpassed expectations, suggesting potential short-term stability in residential investment.