Construction of new homes slowed in February according to new figures from the Canada Mortgage and Housing Corp. The fifth month of declines in a row took the seasonally adjusted annual rate of home starts down to 156,276 from 187,025 in January. The lowest figures since early 2013 showed decline in 8 out of 10 provinces and sharp drops in condos and apartments. Scotiabank wrote in a client note that it was not unusual for housing starts to be low at this time of year.
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