OTTAWA, ON -- Housing starts in Canada declined 3.1% in April to a seasonally adjusted annual rate of 179,000 units, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 184,700 units in March 2011.
“Housing starts moved lower in April mostly because of decreases in multiple construction across the country and in rural starts,” said Bob Dugan, chief economist at CMHC’s Market Analysis Centre. “The multiple segment market in Ontario and Quebec contributed the most to the overall decline in Canada.”
The seasonally adjusted annual rate of urban starts decreased by 1.9% to 160,100 units in April. Urban multiple starts were down by 5.1% to 96,000 units, while single urban starts increased by 3.4% to 64,100 units.
Read the Canadian Mortgage and Housing Corporation's press release.
Posted by Rich Christianson
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