Housing starts drop to lowest level since January

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The pace of new home construction fell to its lowest level in three months in April. (Evelyne Asselin/CBC)

The pace of new home construction slowed to its lowest level in three months in April as builders took their foot off the gas pedal.

The Canada Mortgage and Housing Corp. said Monday that the seasonally adjusted rate for housing starts last month was 191,512 units — down from 202,375 units in March and 212,594 units in February.

Most places saw slight upticks in building, but that was offset by big slowdowns in Ontario and Quebec.

Ontario's seasonally adjusted rate for urban starts fell to 62,672 starts in April, down from 85,518 in March while Quebec's urban starts fell to 27,423 from 29,696.

"Condo construction is slowing down in Montreal as builders are managing inventories by channelling demand to units that have been completed but remain unsold," CMHC economist Bob Dugan said.

In terms of types of housing, urban multiple-dwelling starts fell by 4,945 to 177,851 and single-detached housing starts fell by 3,522 to 56,959.

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