FINWIRES · TerminalLIVE
FINWIRES

Canada's Housing Starts Lower Than Expected in March; CMHC Says Monthly Data Can Be "Volatile"

By

The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased 6% in March at 235,852 units compared with February's 250,961 units, said the Canada Mortgage and Housing Corp. (CMHC) on Friday.

The March figure was lower than the 258,000 estimate provided by MUFG.

"March housing starts data point to a continued loss of momentum in housing construction, broadly in line with CMHC's housing market outlook. While actual starts increased compared to a year ago, this largely reflects the exceptionally low level of construction activity in the first quarter of last year," said Mathieu Laberge, CMHC's Chief Economist and Senior Vice President, Housing Insights.

"Monthly housing starts can be volatile and difficult to reconcile with conditions experienced by builders and developers on the ground."

Among other highlights, the six-month trend in housing starts was lower in March, with a decrease of 2.9% to 248,378 units. The trend measure is a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

Actual housing starts were up 10% year-over-year in centres with a population of 10,000 or greater, with 16,398 units recorded in March, compared to 14,935 units in March 2025. The year-to-date total was 49,206 units, up 9% from the same period in 2025, driven by higher starts to begin the year in British Columbia, Ontario and Quebec.

Related Articles

International

Annual Inflation in New Zealand Expected to Slow to 2.9% in Q1, ANZ Research Says

Annual inflation in New Zealand is to expected slow by 0.2 percentage points in the March quarter to 2.9%, slightly higher than the previous forecast of 2.8% but slightly lower than the Reserve Bank of New Zealand's (RBNZ) April forecast of 3%, ANZ Research said in a note on Friday.The first quarter consumer price index data, scheduled to be released on April 21, will capture some initial impacts from the Middle East conflict, but inflationary effects will be more pronounced in the second quarter. If the sharp rise in fuel prices are sustained around current levels, the June quarter consumer price index will record a much larger quarterly rise.The bank expects the core inflation indicators to remain within the 1% to 3% target band, with the weighted median, 30% trimmed mean, and ex‑food, fuel and energy measures expected to land within a 0.3% band around 2%.It is reasonable to assume that uncertainty around the medium-term inflation outlook will be the monetary policy committee's main focus in May, ANZ said.

^NZ50
International

US Dollar South Korea's Largest Export Settlement Currency in 2025

The U.S. dollar represented 84.2% of settlement currencies for Korean exports in 2025, marking the East Asian country's largest export settlement currency for the year, the Bank of Korea said in a Thursday release.The euro represented 5.9%, the South Korean won took up 3.4%, and the Japanese yen represented 1.9% of the country's export settlement currencies last year, the release said.

^KOSDAQKOSPI
International

Singapore's Non-Oil Domestic Exports Expand 15.3% in March

Singapore's non-oil domestic exports jumped 15.3% year over year in March, following a 4% increase in the previous month, according to data released by Enterprise Singapore on Friday.Electronic NODX expanded by 74%, while non-electronics fell by 0.6% on year during the month.Non-oil re-exports surged by 61.4% year over year in March, extending a 21.9% expansion in the previous month.Total merchandise trade increased by 38.5% year over year in March, after a 13.6% expansion in the previous month.Total exports were up 41.2% in March, accelerating from the 13.6% rise in the previous month. Total imports, meanwhile, rose by 35.5% compared with 16.5% the previous month.

^STI