Canada Housing Starts Lowest in Over a Year

Housing starts in Canada fell 12.4 percent from a month earlier to an annualized 171,265 in April of 2020, but above market expectations of 110,000, according to Canada Mortgage and Housing Corporation (CMHC). Still, it was the lowest reading since February of 2019. Data for April does not include Quebec due to the introduction of pandemic measures in the province in late March. Excluding Quebec, housing starts increased 10.8 percent to 166,415. Urban starts rose by 12.4 percent, as multiple urban starts jumped by 35.7 percent while single-detached urban starts decreased by 27.1 percent. Rural starts were estimated at a seasonally adjusted annual rate of 7,285 units excluding Quebec.