Housing starts down in February: CMHC

OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of new housing construction slowed down in February, with fewer multiple-unit projects such as condos and apartments.

CMHC says the seasonally adjusted annual rate decreased to 156,276 units in February, down from 187,025 in January — an below the estimate of 179,000 units.

The agency says the rate of new home starts in urban areas fell to 140,722 in February, down from 171,950 in January.

The decrease was led by a slower rate of multiple-dwelling starts, which fell to 86,214 units in February from 115,123 in January.

CMHC says single-detached urban starts decreased to 54,508 units in February from 56,827 the previous month.

The six-month moving average in February was 182,137 units, compared to 188,761 in January.