While bad news continues to pile up for the slumping United States property market, Canada's housing sector showed a mixed performance during the first two months of the year, still displaying some life.
Warmed by mild winter temperature, housing starts in January jumped to a 29-month high. However, last month new-home starts fell to their lowest in more than three years, as colder weather stalled construction.
Nevertheless, resale home prices continued to rise in Canada's key markets in February.
Inventory levels have not risen to a level where they threaten to push down prices.
Property experts are even upbeat about the spring season but expect some cooling down later in the year.
'The January results point to a busy spring on building sites as permits are a leading indicator for construction activity,' said Statistics Canada in its latest bulletin.
