Housing Starts Down Seven Percent in March From February: CMHC

Canada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven percent 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 percent 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 percent, and higher single-detached starts, up two percent. Actual housing starts were 10 percent higher in Toronto and 15 percent higher in Vancouver year-over-year because of an increase in multi-unit starts. Montreal’s actual starts dipped one percent, dragged down by lower multi-unit starts....