CMHC reports annual pace of housing starts in Canada slowed in March

April 20, 2023, Ottawa – Canada Mortgage and Housing Corp. says the annual pace of housing starts in March fell 11 per cent compared with February.

The national housing agency says the seasonally adjusted annual rate of housing starts in March came in at 213,865 units, down from 240,927 in February.

The drop came as the annual rate of urban starts in the month fell 12 per cent with 192,545 units.

The annual rate of multi-unit urban starts fell 11 per cent to 151,769 for March, while the pace of single-detached urban starts fell 16 per cent to 40,776.

The annual rate of rural starts was estimated at 21,320 units for the month.

The six-month moving average of the monthly seasonally adjusted annual rate was 240,669 in March, down six per cent from 254,658 in February.

This report by The Canadian Press was first published April 19, 2023.