Canada’s Housing Starts Declined 11% In March

The annual pace of housing starts in Canada decreased 11% in March from February of this year, according to Canada Mortgage and Housing Corp. (CMHC).

The seasonally adjusted annual rate of housing starts in March was 213,865 units, down from 240,927 in February. The annual rate of urban starts fell 12% during the month to 192,545 units.

Multi-unit urban starts dropped 11% to 151,769 in March, while the pace of single-detached urban starts declined 16% to 40,776, said CMHC.

The annual rate of rural starts was estimated at 21,320 units in March.

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The six-month moving average of the monthly seasonally adjusted annual rate of housing starts across Canada was 240,669 in March, down 6% from 254,658 in February.

Canada’s housing market has cooled significantly over the past year as the Bank of Canada raised interest rates to lower inflation.