By Paul Vieira
OTTAWA--Canadian housing starts fell slightly in April from the previous month, led by declines in the country's three biggest cities--Toronto, Montreal and Vancouver.
Housing starts across Canada totaled 240,229 units in April, down 1.0% from a revised 242,267 in March, Canada Mortgage and Housing said Wednesday. April's total matched the market consensus, according to economists at TD Securities.
The trend measure--a six-month moving average of the monthly seasonally adjusted annual rate of housing starts--dropped 2.2% to 238,585 units.
CMHC chief economist Bob Dugan said the results reflect "challenging borrowing conditions," with interest rates elevated. "We expect to see continued downward pressure in these large centers," he said, in reference to softness in Toronto, Montreal and Vancouver.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
05-15-24 0842ET
