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Canada Housing March 2020

Canada: Housing starts decrease less than expected in March

Housing starts declined to 196,976 units on a seasonally-adjusted annualized rate (SAAR) basis in March, according to the Canada Mortgage and Housing Corporation (CMHC), down from February’s upwardly revised 211,898-unit reading (previously reported: 210,069), but above analysts’ expectations of 180,000 units. March’s fall was driven by a sharp drop in starts of multi-units in urban areas, while urban single-detached housing starts increased robustly.

Meanwhile, the six-month average of housing starts on a SAAR basis fell to 205,152 units in March from 209,244 units in February.

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