Canadian housing starts slipped 1.5% in March, the first decline this year, as builders broke ground on fewer multiple-unit dwellings such as condos.
Housing starts fell to 197,300 units, on a seasonally adjusted annual basis, Canada Mortgage and Housing Corp said Monday. Economists polled by Bloomberg had pegged starts at 205,000 units in the month.
Starts have been rising broadly in recent months as Canada's real-estate market picks up steam.
Levels in January and February were revised upward. In January, they rose 7.5% to 189,000, and in February, the new reading shows they rose 6% to 200,400 units.
Urban multiple starts fell 15.2% while single urban starts grew 6.9%. Rural starts were estimated at 22,100 units in March.
The findings echo a report last week, showing building permits eased due to a lull in multiple-unit activity. Building permits fell for the second month in a row in February, sliding 0.5% to $5.7 billion in the month.
Starts fell 16.3% in British Columbia, 15.5% in Ontario, and 8% in Atlantic Canada. They rose 13.5% in Quebec and 7.3% in the Prairies.
CMHC is Canada's national housing agency.
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