Canadian Housing Market – Suppy Catching Up

Posted by David Rosenberg - Gluskin Sheff

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Canadian housing starts rose 6.1% in February, to 196,700 annual rate, better than expected (consensus was expecting 190.0k).  This is the second increase in a row, although, January’s level was revised lower, to 185.4k from an initial estimate of 186.3k.  The bulk of starts came from multi-starts, which surged 19.1% MoM in February — possibility weather related as multi-starts in Ontario (+73.1% MoM — best monthly performance since March 2009) and British Columbia (+22.6% MoM) surged due to unseasonably warmer weather.  On a year-ago comparison, Canadian housing starts are on fire – total starts running at 71.0% YoY (a record).

… more of Breakfast with Dave HERE


….read more of Breakfast with Dave HERE