OTTAWA: Canadian housing starts fell in April after an unexpected surge in March but remained near a five-year high, data from the Canada Mortgage and Housing Corporation showed on Monday.

The seasonally adjusted annual rate of housing starts fell to 214,098 units in April, slightly above analysts’ expectations of 210,000. The figure for March was revised slightly lower to 252,305 units, the federal housing agency said.

“It’s been a great start to the year for Canadian housing starts, even if April cooled from March’s blistering pace,” CIBC Capital Markets economist Nick Exarhos said in a research note.

The pace of new homebuilding is at its fastest in close to five years, Exarhos said, with a bit more momentum expected, given strength in recent housing permits.—Reuters