Housing starts in Canada were 25.4 per cent lower in April of this year than they were the same month last year, a clear sign that Canada's housing market has slowed considerably.

According to data from Canada Mortgage and Housing Corp., housing starts ran at an annualized pace of 182,754 units this April, compared to 244,900 in April 2012. Housing starts fell 2.5 per cent from March to April, led by a decline in multiple urban starts (condos) of 3.5 per cent.

Regionally, April’s seasonally adjusted annual rates of urban starts decreased in Atlantic Canada, Ontario and British Columbia. They increased in Quebec and the Prairies.

A slowdown of this magnitude will likely take a toll on Canada's employment numbers. Will Dunning, an economist with the Canadian Association of Accredited Mortgage Professionals, recently estimated that Canada will lose 190,000 jobs as a result of the housing slowdown.

Analyst Ben Rabidoux, known for his bearish views on Canadian housing, recently noted that the proportion of Canadians working in jobs related to construction has grown to about 7.4 per cent, from around 5 per cent in 1998. That makes the country's economy particularly vulnerable to a housing slowdown, he argued.

Many international investors have been looking at Canada's housing market slowdown and predicting trouble ahead both in terms of employment levels and the performance of Canada's banks, which rely heavily on mortgage lending. A California hedge fund recently went "all in" against Canada's banks and housing sector, putting 95 per cent of its clients' assets into bets against Canadian banks and the loonie.

Bets against Canada's banks recently hit what is believed to be an all-time high.

But economists at the major banks and at industry associations largely argue that Canada's housing market is in for a soft landing. CMHC recently predicted the housing market will remain weak through the first half of 2013, and will bounce back in 2014.

The most recent data shows home sales in Canada have fallen about 15 per cent over the past year, even as prices have remained flat.

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  • Quebec: $9.8 million

    The most expensive house for sale in Quebec is located in the suburb of Laval, on the shores of the river separating it from the island of Montreal. The house has six bedrooms and eight baths on 9,800 square feet of land.

  • Quebec: $9.8 million

    The house features a heated inground pool.

  • Quebec: $9.8 million

    A very ornate living room.

  • Quebec: $9.8 million

    The dining hall.

  • Quebec: $9.8 million

    Twin staircases flank the lobby.

  • Quebec: $9.8 million

    The kitchen features a large island.

  • Quebec: $9.8 million

    A spacious bathroom.

  • Quebec: $9.8 million

    The media room.

  • Quebec: $9.8 million

    The wine cellar.

  • New Brunswick: $1.9 million

    A custom-built, 8,300-square foot home with four bedrooms on three acres of land in Shediac Cape. The house features its own elevator.

  • New Brunswick: $1.9 million

    A fully equipped gourmet kitchen with large centre island opens to breakfast room.

  • New Brunswick: $1.9 million

    Vaulted ceiling adorn the main room, and the entrance foyer features inset ceiling lights and a chandelier.

  • New Brunswick: $1.9 million

    Dining room.

  • New Brunswick: $1.9 million

    The second floor offers magnificent master suite with sitting area adorned by propane fireplace, access to balcony, dressing room, luxurious ensuite and guest room/bedroom with ensuite.

  • New Brunswick: $1.9 million

  • Nova Scotia: $6.7 million

    This two-year-old property on Ketch Harbour near Halifax has three bedrooms and four baths, made from high-grade Italian limestone. But the property doesn't seem to be selling; it was the most expensive property for sale in Nova Scotia the previous time HuffPost compiled this list, in October, 2012.

  • Nova Scotia: $6.7 million

    A slick, modernist bedroom with stunning views.

  • Nova Scotia: $6.7 million

    Stunning views of the ocean.

  • Prince Edward Island: $6.9 million

    Located above the bluffs of P.E.I.'s stunning North Coast, this house features six bedrooms and nine baths, and clocks in at a stunning 13,360 square feet.

  • Prince Edward Island: $6.9 million

    The kitchen is a blend of rustic and modern.

  • Prince Edward Island: $6.9 million

    The study.

  • Prince Edward Island: $6.9 million

    A bedroom with fireplace.

  • Prince Edward Island: $6.9 million

    Upper levels open on to the great room.

  • Prince Edward Island: $6.9 million

    A spiral, three-story staircase.

  • Prince Edward Island: $6.9 million

    A snug bedroom with fireplace.

  • P.E.I.: $6.9 million

    Take the virtual tour.

  • Newfoundland: $1.95 million

    This lime green, six-bedroom, nine-bath house just outside of Corner Brook is the most expensive property for sale in Newfoundland. The two-story, 6,000-square-foot house features a walkout basement that offers access to the back yard.

  • Newfoundland: $1.95 million

    The main floor has a floor-to-ceiling fireplace.

  • Newfoundland: $1.95 million

    The realtor describes the gourmet kitchen as a "chef's dream."

  • Newfoundland: $1.95 million

    "Cathedral ceilings" top the second floor.

  • Newfoundland: $1.95 million

    The back yard.

  • Ontario: $19 million

    The most expensive house for sale in Ontario is a condo in Toronto's posh Yorkville, in new building across the street from the Royal Ontario Museum. Suite 1400 at 155 Cumberland Street has four bedrooms and five bathrooms on two stories, with tons of balconies and verandas surrounding the whole thing.

  • Ontario: $19 million

    Swank terraces adorn the building.

  • Ontario: $19 million

    The unit has 5,000 square feet of terraces, and a pretty nice view.

  • Ontario: $19 million

    The second floor.

  • Ontario: $19 million

    Looking south towards the downtown core.

  • Manitoba: $4.3 million

    A custom-built, 7,851-square foot home with five bedrooms and nine baths in Winnipeg's Ridgedale neighbourhood.

  • Manitoba: $4.3 million

    The great hall.

  • Manitoba: $4.3 million

    The living room.

  • Manitoba: $4.3 million

    A very post-modern entertainment room.

  • Manitoba: $4.3 million

    The games room.

  • Manitoba: $4.3 million

    A rustic kitchen, despite all the amenities.

  • Manitoba: $4.3 million

    Now that's a bathtub.

  • Manitoba: $4.3 million

    The gym.

  • Manitoba: $4.3 million

    The view from the back.

  • Saskatchewan: $2.8 million

    This is the only image we have of the most expensive property for sale in Saskatchewan, as the seller has not provided any other photos. The realtor describes this five-bedroom, six-bath house on 4,300 square feet near Saskatoon as a "must see property." We'll have to take his word for it.

  • Alberta: $12.7 million

    Six bedrooms and eight baths in this house located in the scenic mountain town of Canmore. The house was an Architectural Digest showpiece.

  • Alberta: $12.7 million

    Vaulted ceilings in the great room.

  • Alberta: $12.7 million

    The kitchen.

  • Alberta: $12.7 million

    A hidden staircase leads to the wine grotto.

  • Alberta: $12.7 million

    The media room.