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Posted April 12, 2012

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Housing

March 2012 Housing Starts

OTTAWA - The seasonally adjusted annual rate(1) of housing starts was 215,600 units in March, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 205,300 units in February.

"The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies. This was partly offset by a decrease in multiple starts in British Columbia and Quebec, while single-detached starts decreased marginally country-wide," said Mathieu Laberge, Deputy Chief Economist at CMHC's Market Analysis Centre."

The seasonally adjusted annual rate of urban starts increased by 4.2 per cent to 192,100 units in March. Urban single starts moderated by 2.4 per cent in March to 68,000 units. Meanwhile, multiple urban starts were up by 8.3 per cent to 124,100 units.

March's seasonally adjusted annual rate of urban starts increased by 30.3 per cent in Ontario, by 6.4 per cent in the Prairies, and by 2.7 per cent in Atlantic Canada. In each of these regions, the increase was due to multiple starts, but the role of increased multiple starts was most pronounced in Ontario. Although multiple starts in Ontario increased by 50.4 per cent, the pace is exceptional and not expected to be sustained. Urban starts decreased by 27.7 per cent in British Columbia and by 16.3 per cent in Quebec.

Rural starts(2) were estimated at a seasonally adjusted annual rate of 23,500 units in March.




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