March Housing Starts

CMHC released statistics for Vancouver Island March housing starts yesterday. It can be found here.

For Victoria, new housing starts in March of this year were down significantly from February and from March of last year. Year-to-date housing starts are around the same for this year and last year.

Of note, there were 79 housing starts for greater Victoria. 20 were in Langford, 11 were in Sooke, and 10 were in Victoria proper.

What do you make of the housing starts figure? I don't put too much value on one month's numbers. If the monthly starts continue to be low, then some speculation could be made that something is happening in the industry. However, one low month doesn't say much.