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CMHC says the annual pace of housing starts slowed in March to 204,251

OTTAWA – Canada Mortgage and Housing Corp. says the pace of housing starts slowed in March.

The agency says the seasonally adjusted annual rate was 204,251 units in March, down from 219,077 in February.

Economists had expected an annual pace of 190,000, according to Thomson Reuters.

The six-month moving average of housing starts slipped to an annual rate of 196,783 units in March compared with 201,618 in February.

For March, the pace of urban starts fell 7.0 per cent to 185,022 units as work in British Columbia, Quebec, Atlantic Canada and the Prairies slowed, but picked up in Ontario. Multiple-unit urban starts dropped 9.7 per cent to 123,207, while single-detached starts slipped 1.1 per cent to 61,815.

Rural starts were estimated at a seasonally adjusted annual pace of 19,299.