(Source: Globe and Mail)

Canadian housing starts cooled for the first time this year in March as condominium construction eased.

Housing starts fell 1.5 per cent last month to 197,300 units on a seasonally adjusted annual basis as builders broke ground on fewer multiple-unit dwellings, Canada Mortgage and Housing Corp. said yesterday.

National starts have been generally rising in recent months as Canada’s real estate market steams ahead. While last month’s reading was little changed, several factors suggest the market remains strong: February’s revised numbers show starts climbed above the 200,000 mark for the first time since October, 2008. And single home construction hit a four-year high in March.

Multi-unit construction, meantime, tends to be volatile, with the March drop following a month-earlier increase.

Read Tavia Grant’s full article “Housing pace cools on fewer condo starts” in the Globe and Mail (April 13, 2010).

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