Construction started on just under 201,000 homes last month in Canada at a seasonally adjusted annual pace, representing a 2.3% decline according to figures from Canada Mortgage and Housing Corp.
With multi-unit project starts down 2.4% and detached single-family starts down 2.6%, economists are projecting a pace of roughly 216,300 units.
Residential construction throughout Canada has been steadily dropping dating back to late last year and throughout early 2018. Higher interest rates and tighter lending regulations are certainly two of the primary causes for the decline, and at the current pace, Canada is on pace for the slowest third quarter since 2016 in terms of new home starts.
Montreal and Toronto led the way as far as the biggest drop-off, showing a decline of 35% and 27% respectively. Vancouver home starts saw a drop of just 2% per the report.