CMHC reports decline in annual pace of housing starts [Investment Executive - News]
Cabot Corporation (CBT)
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Source: Investment Executive - News
Canada Mortgage and Housing Corp. says the annual pace of housing starts in April edged down 1% compared with March. The seasonally adjusted annual rate of housing starts in Canada came in at 240,229 units for April, down from 242,267 in March, according to a report Wednesday by the national housing agency. The overall drop came as the annual pace of starts in urban centres essentially flatlined in April month-over-month at 220,123. The pace of multi-unit urban starts in April fell 1% to 178,462, while single-detached urban starts rose 2% to 41,661 units. The annual pace of rural starts was estimated at 20,106 units. The downward trend in housing starts was largely driven by fewer multi-unit starts, particularly in Ontario, said CMHC chief economist Bob Dugan. “The multi-unit volatility observed in Toronto, Vancouver, and Montreal in recent months is unsurprising as we continue to see last year’s challenging borrowing conditions reflected in multi-unit housing starts numbers,” he
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