Canadian housing starts fell 7% in March, CMHC says

FILE PHOTO: Townhouses under construction are seen in a subdivision in King City, Ontario, Canada April 2, 2023. REUTERS/Chris Helgren/File Photo © Thomson Reuters

Canadian housing starts fell by 7% in March from the previous month, Canadian Mortgage and Housing Corporation (CMHC) data showed on Tuesday.

The seasonally adjusted annualized rate of housing starts declined to 242,195 units from a revised 260,047 units in February, the CMHC said. Economists in a Reuters poll had expected starts to decrease to 245,000 in March.

Source: Reuters/Reporting by Susan Heavey; editing by Doina Chiacu