Housing starts lower in first quarter
OTTAWA - April 11 (CNW Telbec) - The seasonally adjusted annual rate of housing starts was 210,900 units in March, up from 196,000 units in February, according to Canada Mortgage and Housing Corporation (CMHC).
“Both multiple and single starts regained some ground in March. Nevertheless, housing starts are gradually trending lower and were down more than 10% in the first quarter of 2007 compared to a year ago,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “This downward trend is consistent with our view that housing starts in 2007 will be lower than in 2006.”
March’s seasonally adjusted annual rate of urban starts was 177,900 units, up 9.1% from February. Urban multiple starts rose 12.0% to 92,700 units in March, while single starts increased 6.2% to 85,200 units.
Seasonally adjusted urban starts in March increased in all regions except the Atlantic. The Prairies led the way with a 26.2% increase, followed by British Columbia at 11.3% and Quebec with 10.5%. In Ontario, urban starts remained relatively flat. Urban multiple starts increased in all regions except in the Atlantic and Ontario, while urban single starts were up in all regions.
Rural starts were estimated at a seasonally adjusted annual rate of 33,000 units in March.
Actual starts, in rural and urban areas combined, were down an estimated 8.8% in the first quarter of 2007 compared to the same period in 2006. Actual starts in urban areas alone were down an estimated 10.3%. Actual single starts in urban areas were 16.3% lower than they were a year earlier, while actual urban multiple starts were down 5.3%.
Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.
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