According to the latest report from the Canada Mortgage and Housing Corporation (CMHC), housing starts in March have decreased by seven per cent compared to February.
The CMHC’s monthly report, released on Tuesday, revealed that the seasonally adjusted annual rate of housing starts was 335,200 units in March, down from 360,600 units in February.
This decline was mainly driven by a decrease in multi-unit urban starts, which fell by 12.2 per cent to 222,358 units. Single-detached urban starts also saw a slight decrease of 0.7 per cent to 78,615 units.
In terms of regions, British Columbia and Ontario saw the largest declines in housing starts, with decreases of 16.5 per cent and 14.1 per cent, respectively. Meanwhile, Quebec and the Prairies saw increases of 6.3 per cent and 2.7 per cent, respectively.
The CMHC also reported that the trend in housing starts for March was 273,664 units, down from 280,518 units in February. This trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
Despite the decrease in housing starts, the overall trend remains relatively stable, with the CMHC noting that the housing market continues to be supported by low mortgage rates and ongoing demand for housing.
The CMHC’s report also highlighted that the impact of the COVID-19 pandemic on the housing market is still uncertain, with potential factors such as changes in consumer preferences and economic conditions yet to be fully understood.
Overall, the decrease in housing starts in March is a reflection of the ongoing challenges and uncertainties in the housing market. The CMHC will continue to monitor and report on the state of the housing market as the situation evolves.
