BoC Housing Correction

The pace of new condo construction dropped by 25 per cent between February and March, CMHC data shows. (The Canadian Press)

Canada Mortgage and Housing Corp. says the pace of housing starts slowed in March.

The agency says there were 10,781 actual starts in the month, which extrapolated out over 12 months produces a seasonally adjusted annual rate of 156,823 starts.

That's down from 190,639 starts on the same adjusted basis in February.

On a seasonally adjusted annual basis, urban starts were down 18.8 per cent in March.

On the same basis, multiple urban starts decreased by 25.5 per cent while single-detached urban starts segment slipped by 5.4 per cent.

The seasonally adjusted annual rate of urban starts increased in British Columbia and the Prairies and decreased in Atlantic Canada, Ontario and Quebec.