Housing starts to remain subdued in near term, says economist

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“Today’s print supports our view that near-term starts will remain subdued in spite of the recent strength in home sales,” said Ercolao.

In addition to the decline in housing starts, CMHC reported that multi-family urban starts were down 14% month-on-month, with January figures falling to 191,500 units.

Meanwhile, urban single-detached starts showed no month-on-month variation, remaining at 43,300 units.

The trend in urban starts also varied across provinces, with seven out of ten provinces reporting a decrease.

British Columbia experienced the most significant decrease, with starts dropping by 31,000 units. Conversely, Ontario saw an increase of 11,800 units, while Quebec’s numbers remained relatively unchanged.

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