Canada’s Housing Starts Fall About 20% in April

Housing starts in Canada declined by 19.8% in April, compared with their level in March, data showed on Monday.

The decline comes due to the drop in building activity in urban areas, according to the Canadian Mortgage and Housing Corporation (CMHC).

The seasonally adjusted annualized rate of housing starts reached 268,631 units last month, compared to 334,759 units in March.

The reading came below analysts’ expectations of a rate of 280,000 housing unit starts.