The Canada Mortgage and Housing Corporation says the pace of new housing construction slowed in February, with fewer multiple-dwellings such as condominiums and apartments being built in big cities.
CMHC says the seasonally adjusted annual rate decreased to 156,276 units in February, down from 187,025 in January. That was below an the consensus economist expectations of 179,000 and the fifth consecutive monthly decline.
It's also the lowest monthly figure we've seen in almost two years, dating back to January of 2013.
Construction dried up in eight of the ten provinces.
On the condo front specifically, multiple-unit starts declined to 86,214 units in February down from 115,123 in January.
While certainly a weak showing, Scotiabank reminded its clients in a note early Monday that it's not unusual to see soft construction numbers in the winter months, then see them rebound when the weather warms up.
"Yes, the fundamentals are not the greatest, and we're not optimists when it comes to the capacity of the Canadian housing sector to persevere at current highs indefinitely," the bank said. "However, we also don't want to make too much out of a winter housing starts number."
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