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Housing Starts Fall Back As Expected In March

CANADA DATA
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  • Housing starts were very close to expectations in March as they fell -7% to a seasonally adjusted 242.2k annualized (cons 243.5k).
  • The volatility in the series continues, with starts pulling back having surged 12.7% M/M in Feb.
  • The driver of this noise is urban multi-units, which fell -7.8% after +19.6%.
  • Urban single starts have however shown a notably weaker trend recently, -3.2% in Mar after -3.5% in Feb and have now fallen 15% since October.
  • The overall level of housing starts will need to be ramped up strongly to keep up with population demands.
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  • Housing starts were very close to expectations in March as they fell -7% to a seasonally adjusted 242.2k annualized (cons 243.5k).
  • The volatility in the series continues, with starts pulling back having surged 12.7% M/M in Feb.
  • The driver of this noise is urban multi-units, which fell -7.8% after +19.6%.
  • Urban single starts have however shown a notably weaker trend recently, -3.2% in Mar after -3.5% in Feb and have now fallen 15% since October.
  • The overall level of housing starts will need to be ramped up strongly to keep up with population demands.