Mortgage rates, economic deceleration pull down housing starts

Mortgage rates, economic deceleration pull down housing starts

The annual pace of new home construction nationwide slowed considerably last month amid higher mortgage rates and sluggish economic activity, according to new data from the Canada Mortgage and Housing Corporation.

The seasonally adjusted annual rate of housing starts noticeably shrunk from 206,809 units in January to 173,153 units last month, far below economists’ predictions of a pace of 205,000.

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