The drop came as the annual pace of urban starts fell 24% from July
Elevated interest rates, inflation have also increased the cost to finance projects
Actual housing starts were markedly lower in two of Canada's three major cities compared with June 2023
The seasonally adjusted annual rate of housing starts in Canada came in at 240,229 units for April, a drop of 1% from March
Despite month-over-month decline in March, housing starts trending 'at a solid pace': economist
Declining mortgage rates, strong population growth will help spur a rebound in sales and prices
CMHC says construction of new homes in Canada's six largest cities remained near all-time highs last year
Desjardins and CIBC examine both near- and long-term challenges
Single-detached urban starts contributed to the increase
New policy will apply to new rental housing units such as apartment buildings, student housing and senior residences