The housing market, still slow with a recovery not yet on the horizon, seems to have something of a bottom in sight.
Canadian housing construction bounced back in May after dropping to a 13-year low in April, according to the Canada Mortgage and Housing Corporation yesterday, with housing starts hitting 128,400 in May, up from 117,600 in the prior month.
However, despite the positive figures this month, the fact remains that starts are still down significantly by 42 per cent in year-to-date figures compared to last year at both the national and Toronto area levels.
