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.”