FXstreet.com (Barcelona) - Starts of new houses have declined considerably in Canada in April to an annual rate of 213,900 units from the 243,000 annual rate posted in March, according to the Canada Mortgage and Housing Corporation (CMHC).

In April from March, starts of new houses have declined 12%, which, according to Bob Dugan, Chief Economist at CMHC's Market Analysis Centre, reflects a correction move from the high levels of starts posted in the previous months: Most of the decrease reflected a drop in multiple starts, which in March and February had reached their second and third highest levels since March of 1978, respectively.

According to Dugan the pace of housing starts remains robust over 200,000.