Multi-unit urban housing starts reached 86, 214 units in February, shifting downward from the 115,123 starts reported in January, according to the Canada Mortgage and Housing Corporation’s latest Preliminary Housing Start data. In eight of the ten Canadian provinces, all housing types experienced a decline in month-over-month housing starts.
“The trend in housing starts decreased for a fifth consecutive month in February and reflects a decreasing trend in multiple starts,” says Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The declining trend in multiple starts is helping to gradually erode the inventory of completed and unsold units, which is high compared to historical levels.”
Overall housing starts reached 156,276 units in February, down from the January totals of 187,025 units. This decrease was led by multiple urban starts.