Construction of new homes in Canada hits highest level in nearly a decade

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The annual pace of housing starts increased more than expected in March and hit their highest level since September 2007.

The Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts for March came in at 253,720 units, up from 214,253 in February.

Economists had expected a reading of 215,000 for last month, according to Thomson Reuters.

The overall increase came as the annual pace of urban starts increased by 20.2 per cent to 235,674 units, boosted by an increase in multi-unit starts.

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