Canadian Housing Starts (Mar) - April 8, 2020
Canadian housing starts decreased by 7.3% m/m in March to 195,174 units at a seasonally adjusted annual rate (SAAR). The decrease was broad-based with starts down in 7 of 10 provinces, signalling early signs of the impact of COVID-19 on construction activity. The trend in national housing starts to fell to a still healthy average of 205,000 units SAAR over the past six months.
In BC, housing starts fell by 20% m/m to 34,014 units SAAR, following a 44% rise in the previous month. The decrease was entirely driven by multi-units (-25%), while singles increased (1%). Given the rapidly evolving circumstances brought on by COVID-19, Statistics Canada released early estimates of March building permits