Canada's housing starts dropped in April, with most of the decline said to be occurring in the condominium segment in Ontario, according to new statistics released Friday.
The Canada Mortgage and Housing Corporation reported that the seasonally adjusted annual rate of housing starts fell to 117,400 units in April from 146,500 in March.
Bob Dugan, chief economist at the CMHC market analysis centre, said in a news release that the decline can be partly attributed to a drop in multiple starts, such as condominiums.
The corporation expects some improvement, but Dugan said new home construction is unlikely to reach the levels met over the last seven years, which was greater than 200,000 units.
Dugan said housing starts will be more closely aligned with demographic demand, which is estimated at about 175,000 units a year.
The seasonally adjusted annual rate of urban starts fell 24 per cent to 96,800 units in April. Urban multiple starts decreased 32.7 per cent to 54,700 units, while urban single starts edged down 8.7 per cent to 42,100 units in April.
CMHC said April's seasonally adjusted annual rate of urban starts increased one per cent in B.C., but declined 43.7 per cent in Ontario, 16 per cent in Atlantic Canada, 7.1 per cent in Quebec, and three per cent in the Prairies.
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