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Housing market up for first time in 6 months

Canadian housing starts entered positive territory for the first time in six months in March, but analysts say the rebound might be short-lived as the new home market braces for more turmoil.

Canadian housing starts entered positive territory for the first time in six months in March, but analysts say the rebound might be short-lived as the new home market braces for more turmoil.

Starts were up by a greater-than-expected 13.7 per cent in March to 154,700 annualized units, from the preceding month’s nine-year low, according to figures released yesterday by the Canada Mortgage and Housing Corp.

“While no doubt a pleasant surprise, we wouldn’t read too much into (the) rebound in starts,” BMO Capital Markets economist Doug Porter said in a note.

“The housing sector is still trying to find a bottom.”

 
 
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