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Canadian builders began 2020 with a strong rebound in housing starts that is good news for the nation's increasingly tight real estate markets. Work began on an annualized 213,224 units in January, up 8.8 per cent from a revised 195,892 in the prior month, Canada Mortgage and Housing Corp. reported in a recent statement. Economists in a Bloomberg survey had antici- pated starts would be 205,000. It's the highest level of new construction in four months, after a slowdown at the end of 2019, and suggests builders may be responding to the recovery in demand in some of the nation's largest housing markets. At the same time demand is increas- ing, a shrinking supply of available homes is driving up prices in several cities. "With recent data pointing to further tightening in demand-supply conditions in many resale markets, a solid pace of homebuilding to start the year will be wel- comed, " Josh Nye, a senior economist at RBC Economics, said in a note to investors. In a separate report, Statistics Canada said building permits rose 7.4 per cent in December, more than double the 2.8 per cent median forecast from economists. The increase is consistent with the housing starts data for January, and included a 47 per cent surge in Toronto intentions, the most 2014. A combination of steady population growth, low unemployment and cheap bor- rowing costs have brought buyers back into markets that had been lacklustre for much of 2018 and early 2019. Combined with shrink-2018 and early 2019. Combined with shrink-2018 and early 2019. Combined with shrink ing supply, the rising number of buyers has driven bids for homes higher in places like Toronto, where benchmark prices are up nine per cent over the past year. Starts in Toronto were up 51 per cent from December, on a seasonally adjusted basis, CMHC said. Montreal, another market that has been doing well, saw starts rise 53 per cent. - Reprinted from the Toronto Star National housing starts rebound in January Strong start to 2020 in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, F eb ru ar y 27 ,2 02 0 | 32 SILVERGATE SALES & DESIGN STUDIO - 100 MARTINDALE ROAD MON TO THURS - 10 TO 4PM, SAT & SUN - 12 TO 4PM OR BY APPOINTMENT Overlooking a beautiful ravine along the banks of Niagara's Twelve Mile Creek in St. Catharines, a limited collection of ravishing ravine properties comprised of Energy Star® Certified two storey & bungalow urban townhomes. Starting from the $700K's Prices & specifications subject to change without notice. E. & O.E. 905.680.6000 | SILVERGATEHOMES.COM a division of Metroland Media Group Ltd. • 77,000 listings to browse from • 45,000 agents to connect with • Offers the best demographic and local info • Notifications when new homes are available that meet your criteria • Follow a listing and get updates (price changes, open house, sold) • Flexible search parameters • Advanced mapping technologies Why use HomeFinder.ca? Find your PERFECT matcH! a division of Metroland Media Group Ltd. • 77,000 listings to browse from • 45,000 agents to connect with • Offers the best demographic and local info • Notifications when new homes are available that meet your criteria • Follow a listing and get updates (price changes, open house, sold) • Flexible search parameters • Advanced mapping technologies Why use HomeFinder.ca? Find your PERFECT matcH!