In May, new residential constructions increased to 200,200, a 12.1 per cent increase over the 175,900 new houses built in April, according to the report from CIBC WM Economics. The results proved to be far better than those originally forecast by economists.
The numbers were primarily driven by new condo constructions, which jumped 22.3 per cent. Single-family homes also saw a slight increase, rising by 3 per cent in May.
This may be welcome news for prospective homebuyers and those searching for new income properties. In several markets, those buyers are now facing a shortage of properties.
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