Canada housing starts fall 12.3 percent

Canadian housing starts fell by a greater-than-expected 12.3 percent in February on declines from the single and multiple dwellings sectors, Canada Mortgage and Housing Corp. said on Monday.

New home construction dropped to a seasonally adjusted annualized rate of 134,600 units from 153,500 units in January, CMHC said.

The number of starts in February was below the consensus expectations of analysts who had called for 145,000 starts.

Urban single family home construction declined 11 percent to 44,500 units last month from 50,000 units in January. New construction of multiple dwellings, such as condos, fell 17.5 percent to an annual rate of 63,300 units.

Rural starts were estimated at a seasonally adjusted annual rate of 26,800 units in February.