TORONTO – New home construction across Canada took an unexpected downturn last month, with March figures showing a 6% drop compared to February, according to Friday’s report from the nation’s housing agency.
The Canada Mortgage and Housing Corporation (CMHC) released data showing the seasonally adjusted annual rate for new housing starts fell to 235,852 units, down from February’s revised figure of 250,961 units. The decline caught market analysts by surprise, as they had anticipated construction would climb to 255,000 units.
