Canadian housing starts rising

from today's Royal Canadian Bank Daily Economic Update (9/9):

RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 9, 2008

Canadian housing starts soar; back up above 200,00 mark

"Although housing starts were expected to retrace some of the 13.6% drop in July, this morning’s numbers indicated almost a full reversal, with starts rising 13.1% to an annualized 211,000 units. Expectations had been for a more modest 2.4% rise to an annualized 191,000. CMHC, which compiles the data, indicated that the volatility during the last three months largely reflected swings in the multiples component in Ontario.

The urban multiples component surged much more that expected, rising 25.2% to an annualized 114,700 units, which more than reversed the 20.2% drop recorded in July. CMHC indicated that this largely reflected activity in Ontario and likely reflects the impact of large condominium projects getting under way. Urban singles also rose in the month though by a more modest 2.0% to an annualized 71,200 units." ...

for the complete data tables