Housing starts down 7% in March from February: CMHC
BNN Bloomberg
Canada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven per cent compared with February.
The national housing agency says the seasonally adjusted annual rate of housing starts amounted to 242,195 units in March compared with 260,047 in February.
When looking at year-over-year figures, actual housing starts in large urban centres were up 16 per cent to 17,052 units last month compared with 14,756 units in March 2023. The year-over-year increase was driven by higher multi-unit starts, up 19 per cent, and higher single-detached starts, up two per cent.
Actual housing starts were 10 per cent higher in Toronto and 15 per cent higher in Vancouver year-over-year because of an increase in multi-unit starts. Montreal's actual starts dipped one per cent, dragged down by lower multi-unit starts.
