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Apr 19, 2024

March monthly housing starts decrease

The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased seven percent in March compared to February, says the Canada Mortgage and Housing Corporation (CMHC). The six-month trend in housing starts decreased 1.6 percent in March. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada.

The actual number of housing starts across Canada in urban centres of 10,000 population and over was up 16 percent. The year-over-year increase was driven by higher multi-unit starts, up 19 percent and higher single-detached starts, up two percent.

March's actual housing starts were 10 percent and 15 percent higher year-over-year in Toronto, ON, and Vancouver, BC, respectively, because of higher multi-unit starts, while single-detached starts decreased. Montreal, QC's actual starts decreased one percent, dragged down by lower multi-unit starts.

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