MNI DATA IMPACT:Canada March Hsing Starts Rebound to 193k SAAR

By Courtney Tower

     OTTAWA (MNI) - The following are the key points from the March data on

Canadian housing starts released Monday by Canada Mortgage and Housing

Corporation:

     - Canadian housing starts rebounded to a seasonally adjusted annual rate of

192,527 in March, in line with the market consensus. February estimate was

revised down to 166,290. Starts for the first quarter this year averaged 193,489

versus 215,928 in the fourth quarter last year.

      - The six-month trend edged up to 202,279 units in March 2019 from 202,039

in February.

     - In the two major metropolitan areas which have seen the greatest increase

in house prices and subsequent recent decreases in starts, Vancouver and

Toronto, the March starts differed widely:

     - In Vancouver starts fell to 20,960 in March, from 25,022 in February and

25,353 in January. Starts in the first quarter this year are down 16% from the

same quarter a year ago, CMHC said. For Toronto, starts rose to 32,200, from

20,167 in February but were down from the 39,138 in January. 

     - Overall, for March, the SAAR of urban starts increased by 17.0% to

178,033 units. Multiple urban starts were up 18.6% to 135,894 units. Single

detached starts rose by 12.1% to 42,139 units. Rural starts were estimated at

14,494 units. Demand for new urban homes has moderated under higher mortgage

rates "combined with still-favorable but less stimulative economic conditions,"

said CMHC Chief Economist Bob Dugan.

--MNI Ottawa Bureau; +1 613 869-0916; email: yali.ndiaye@marketnews.com