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The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Wednesday. Housing starts in Canada rose to a seasonally adjusted annualized rate of 216,924 units in August from a revised reading of 193,253 units in July. July's figure was revised up from 193,032 units.
The increase was driven by a rise in condominium activity in Toronto.
"Housing starts have been trending up, supported by strong condominium activity in Toronto," the CMHC's Chief Economist Bob Dugan said.
He added that demand shifted from new higher-priced single-detached homes towards lower-priced alternatives.
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