The number of new housing projects in Canada rose in May to its highest level in seven months.

Data from the Canadian Mortgage and Housing Corporation “CMHC,” as reported by Bloomberg News, that construction began on 264,506 housing units last month, a 91.7% increase compared to the previous month.

This figure exceeded the estimates of experts surveyed by Bloomberg on this matter.

The provinces of Ontario and Quebec led the increase in the number of new housing projects by 18% and 67%, respectively, while the number of new housing projects in British Columbia, the country’s westernmost province.

The Canadian federal government has allocated billions of dollars for loans and tax breaks to encourage the construction of housing projects, amid declining affordability of real estate in the country.

The Canada Mortgage and Housing Corporation estimates that Canada needs to build at least 3.5 million housing units by 2030 to address the problem of declining housing affordability.