Figures released Monday by Canada Mortgage and Housing Corporation says the pace of new housing construction slowed in February, with fewer multiple-dwellings such as condominiums and apartments being built in big cities.
CMHC says the seasonally adjusted annual rate decreased to 156,276 units in February, down from 187,025 in January. That was below an the consensus economist expectations of 179,000 and the fifth consecutive monthly decline.
It's also the lowest monthly figure Canadians have seen in almost two years, dating back to January 2013.
Construction dried up in eight of 10 provinces. On the condo front specifically, multiple-unit starts declined to 86,214 units in February, down from 115,123 in January.
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