Canadian housing starts slowed further in March

Canadian housing starts fell to an annualized rate of 214.2K in March compared to 242.5K expected. That continues an ongoing slide form 267.3K in November and is like to extend further as the Toronto condo boom goes bust.

The March reading is an 11.6% decline from a year ago with Vancouver starts down 59% and Toronto starts down 65%. In contrast, Montreal starts were up 138% y/y.

I've been closely watching Toronto real estate for signs of broader weakness beyond condos. Here is a good chart from Robert Marsiglio showing active homes for sale in the Toronto area excluding condos. Inventory is up 65% y/y and this week the broke above the peak from last year. Seasonally, this should continue to rise through summer.