Canadian Housing Starts Falls in April

Canadian housing starts came in well below the estimate of analysts at a seasonally adjusted annual rate of 213,900 units in April, according to a report released Thursday by Canada Mortgage and Housing Corporation (CMHC).
That was down from 243,000 in March and less than the consensus call by analysts that starts would total 225,000 as of April.

Urban starts were down 16.3% from March at 185,400 units, with results lower in all regions of Canada except British Columbia.

Rural starts were estimated at a seasonally adjusted annual rate of 28,500 units in April.

Most of the decrease reflected a drop in multiple starts, which in March and February had reached their second and third highest levels since March 1978 respectively, said CMHC chief economist Bob Dugan. “Despite the decline, starts remained robust at over 200,000 units.”

Source: CEP News