March Canadian Housing Starts Shrink

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in March was 213,865 units, 11.2% lower than ­­February. The SAAR of urban starts decreased 12.4% from February to 192,545. Multiple urban starts dropped 11.3% to 151,769, while single-family levels fell 16.4% from February to 40,776. The trend in housing starts in March dipped 5.5% to 240,669.

The Canada Mortgage and Housing Corporation (CMHC) uses the six-month trend measure “as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market.”  See CMHC

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