housing starts CMHC-1 There was a small uptick in Canadian housing starts last month from February, the Canada Mortgage and Housing Corporation (CMHC) reported Tuesday.

The standalone monthly seasonally adjusted annual rate (SAAR) was 184,028 units in March, up from 183,207 in February. This despite a 2.7 per cent drop in the number of housing starts in urban markets.

Very broadly: urban starts decreased in Ontario (-15.7 per cent) and Quebec (-13.5 per cent) and increased in Atlantic Canada (27.1 per cent), the Prairies (13.8 per cent), and British Columbia (13.1 per cent).

Still, while the month-to-month total was up, last month’s 184,028 units is a 13.6 per cent drop from a year ago.

“As expected, the trend in total housing starts continued to moderate in March,” CMHC deputy chief economist Mathieu Laberge stated in a release. “Builders are adjusting to lower housing demand and as a result, completed and unoccupied units per capita remain relatively close to their historical average.”

housing starts CMHC Click here for a closer look at the regional numbers from Toronto, or take a look at Vancouver’s and Montreal’s.

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