Housing starts down for fifth consecutive month

Housing starts in Canada were down for the fifth consecutive month in February, according to the latest figures by CMHC.

This reflects a decreasing trend in multiple starts, said 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,” he added.

Housing starts in February were 182, 137, compared to 188,761 in January.

The standalone monthly seasonally adjusted annual rates (SAAR) was 156,276 units in February, down from 187,025 units in January.

The SAAR of urban starts decreased to 140,722 in February, from 171,950 in January, reflecting broad-based declines in the majority of the provinces.

Housing starts for single-family homes were up very slightly on last year in Prince Edward Island and in Manitoba, with more significant increases in British Columbia.

For all other types of housing starts, gains were made in the Prairies compared to the same time last year, including in Alberta and Saskatchewan.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Investment Hot Spots:
Woss, Baie-Comeau, Lower Clyde River, Joly, Vegreville


Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address


Is a T.O foreign sales tax a good idea?