March Housing Starts Slide

The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 11 per cent in March (213,865 units) compared to February (240,927 units), says Canada Mortgage and Housing Corporation (CMHC). The monthly SAAR of total urban starts (centres 10,000 population and over) declined 12 per cent, with 192,545 units recorded in March. Multi-unit urban starts increased 11 per cent to 151,769 units, while single-detached urban starts decreased 16 per cent to 40,776 units. Among the Vancouver, BC; Toronto, ON; and Montreal, QC; CMAs, only Vancouver recorded an increase in total SAAR housing starts in March, up 98 per cent due to more than twice as many multi-unit starts compared to February. Montreal declined 12 per cent and Toronto declined 26 per cent. The trend in housing starts was 240,669 units in March, down six per cent from 254,658 units in February.