The last several-months’ pattern of Canada’s housing starts appears quite familiar. It very much resembles what has been happening in the United States over the past couple of years. Canada Mortgage and Housing Corporation (CMHC) reports that national housing starts in February were only 134,600 units. Total starts in Canada are now down by 50% versus their most recent peak level of 277,000 units in September 2007. The speed of the descent has been remarkably swift since the fall of 2008.