Housing starts down 7% in March from February: CMHC [BNN Bloomberg (Canada)]
Cabot Corporation (CBT)
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Source: BNN Bloomberg
The national housing agency says the seasonally adjusted annual rate of housing starts amounted to 242,195 units in March compared with 260,047 in February. When looking at year-over-year figures, actual housing starts in large urban centres were up 16 per cent to 17,052 units last month compared with 14,756 units in March 2023. The year-over-year increase was driven by higher multi-unit starts, up 19 per cent, and higher single-detached starts, up two per cent. Actual housing starts were 10 per cent higher in Toronto and 15 per cent higher in Vancouver year-over-year because of an increase in multi-unit starts. Montreal's actual starts dipped one per cent, dragged down by lower multi-unit starts. The annual rate of rural starts was estimated at 21,452 units. TD economist Rishi Sondhi said housing starts continue to trend "at a solid pace," even with the month-over-month decline in March, supported by elevated prices and firm pre-construction sales in the past. But he cauti
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