• Follow us

Economy

CMHC reports annual pace of housing starts in Canada slowed in January | The Star

TORONTO - The Canada Mortgage and Housing Corp. said the annual pace of housing starts slowed in January, dropping less than was expected for the start of the year.

The federal housing agency said the seasonally adjusted annual rate came in at 207,968 units for the first month of the year compared with 213,630 in December.

A new home is pictured being built in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS Jonathan HaywardA new home is pictured being built in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward

Economists had expected an annualized pace of 205,000 for January, according to Thomson Reuters Eikon.

“After recent declines, the national trend in housing starts held steady in January and remained above historical average,” said Bob Dugan, CMHC’s chief economist, in a release.

“While single-detached starts continued to trend lower in January, this was offset by an uptick in the trend for multi-unit dwellings in urban centres.

Article Continued Below

CMHC’s data showed the annual pace of urban starts slowed 2.1 per cent in January to 190,912 units as single-detached urban starts fell 10.4 per cent to 44,559 units.

The annual pace of multiple-unit projects such as condominiums, apartments and townhouses increased 0.7 per cent to 146,353 units, while rural starts were estimated at a seasonally adjusted annual rate of 17,056 units.

In Vancouver, where the housing market has long been considered among the country’s most heated, CMHC said housing starts were holding steady after trending lower in the second half of 2018.

In Toronto, housing starts saw little change, although increasing borrowing costs meant pre-construction sales of new homes remain low. CMHC said they expect this to result in even fewer units breaking ground this year.

BMO Capital Markets senior economist Robert Kavcic said in a note to investors that the level of activity across Ontario shows that “there is supply coming in the market.”

But he cautioned, “Maybe it’s not exactly the right mix and location, but there is supply coming to meet robust demand.”

Looking at other regions, CMHC said it observed housing starts slowing in Quebec and rising in Alberta from low levels. New Brunswick experienced a 33 per cent spike in starts, when compared with last year. CMHC said the spike largely stemmed from multiple-unit starts — a term referring to buildings such as condos, apartments and townhouses.

Article Continued Below

CIBC senior economist Nathan Janzen said in a note to investors that based on CMHC’s observations he expects housing starts nationally to begin to slow “more significantly” later in the year.

“New building activity has yet to follow home resales significantly lower...(but) there appears to be more strong building activity in the pipeline with permit issuance running at a 240k per month annualized rate in Q4 2018,” he concluded.

“Housing starts typically follow resales with a lag, though.”

TOP STORIES, DELIVERED TO YOUR INBOX.

NEW NEWSLETTERHEADLINES

Read More



Leave A Comment

More News

Economy – Macleans.ca

SNC-Lavalin’s demise would not be the calamity its 2019-02-14 16:00:38Jen Gerson: Its contracts wouldn't disappear. Its valued employees would still be valued. And the work just might go to companies that haven't been

The painful (and costly) lessons I learned from 2019-02-14 13:53:27The death of QuadrigaCX's owner has left 115,000 investors without access to their funds. I'm one of them. The post The painful (and costly) lessons

Brazen thieves are pinching lobster from East Coast 2019-02-11 13:52:30The price of Canadian lobster is soaring, thanks to the U.S.-China trade war. So, alas, are dockside heists. The post Brazen thieves are pinching lobs

How Canadian firm PointClickCare revolutionized the long-term care 2019-02-07 13:33:04Nursing homes and long-term care facilities were not known as hotbeds of tech innovation. This Canadian company changed an entire industry’s min

Political dogfights have moved from the ballot box 2019-02-01 15:35:44Andray Domise: The Super Bowl's various controversies emphasize capitalism's infiltration of the political realm. For marginalized communities, sele

Yes, you can watch Super Bowl ads in 2019-02-01 15:10:33A new free trade deal, a by-the-book regulator and a lumbering Supreme Court might soon change the rules—but not yet The post Yes, you can watch

The saga of Canada’s stolen million-dollar coin 2019-01-31 15:11:08The massive medallion, made of the purest gold bullion ever refined and worth $5.8 million, was stolen from the Bode Museum in Berlin—and

Got into multiple MBA programs? Here’s how to 2019-01-29 14:01:12Be transparent with your suitors. Then check your notes, your bank account and your gut. The post Got into multiple MBA programs? Here’s how to

How to knock your MBA interview out of 2019-01-29 14:01:08Advice from experts: be yourself, be prepared to answer tough questions—and always, always wear pants The post How to knock your MBA interview o

Five tips for putting together the best MBA 2019-01-29 14:01:06Easy-to-execute strategies from insiders for prepping the perfect package The post Five tips for putting together the best MBA application appeared fi

How to ace your MBA admissions 2019-01-29 14:01:02Here’s your step-by-step guide to assembling an application package that wows, with advice from the country’s top admission officers. The

: Money

‘It’s kinda devastating’: An insider’s view of the 2019-02-18 16:59:51The Nova Scotia Supreme Court granted QuadrigaCX temporary protection from its creditors on Feb. 5. A court-appointed monitor is searching for the mis

It’s income tax time: CRA opens electronic filing 2019-02-18 16:52:37The deadline to file your taxes is April 30, but there are a few advantages to getting your paperwork in much sooner.

Can a coding boot camp reboot your career? 2019-02-16 07:00:07Coding boot camps bill themselves as a shortcut to well-paying, high-tech jobs.

Canada’s new low-cost cell phone plans? ‘A joke,’ 2019-02-16 06:00:47New, lower-cost data-only plans proposed by Bell, Rogers and Telus fall short, consumer advocates and industry researchers say.

Oil by rail shipments collapse amid Alberta government 2019-02-15 17:37:40Months after hitting record highs, the amount of Canadian oil being shipped by rail has fallen by more than 50 per cent as major oil companies, like S

Canadian home sales dropped 4%, average price down 2019-02-15 10:15:17Benchmark home prices, which adjust for different property types, were virtually flat, the latest report from the Canadian Real Estate Association sho

Canopy Growth’s revenue, losses both soar 2019-02-15 09:27:51Canopy Growth's Q3 revenue - from the first quarter of legalization - soared, but so did its loss from operations.

Canada Goose to open new factory in Montreal 2019-02-14 09:38:34Canada Goose Holdings Inc. says it will open a new factory in Quebec, its second in the province.

‘We don’t have anything’: lawyers say QuadrigaCX is 2019-02-14 08:03:05The Nova Scotia Supreme Court has been asked to determine which law firms will represent 115,000 QuadrigaCX clients, who are owed as much as $260 mill

McGill University receives $200M donation, single-largest gift in 2019-02-13 13:03:34The McCall MacBain Foundation has donated $200 million to McGill University, considered the single-largest gift in Canadian history.

What should you do if you’re offered a 2019-02-07 15:35:57According to a recent study, 47 per cent of HR managers say it's common for their company to offer a promotion without a raise

‘What am I doing with my life?’: How 2019-02-07 14:54:00After a layoff, it's normal to react based on emotion, but experts warn against it.

Canada Business - The

How Ontario's Proposed Carbon Price Is Not A 2019-02-18 12:09:00TORONTO — Ontario ministers continued their crusade against carbon taxes last week even as their government posted details of its own pollution

Ontario's Cancelled Sick Leave Policy Would Have Cost 2019-02-18 09:23:00Ontario's cancelled paid leave days would have cost multinational businesses in the province just 2.2 times their CEO's salary, according to an anal

PR Firm Edelman Suspends Contract With Gordon Campbell 2019-02-17 09:50:00VANCOUVER — A global communications marketing firm says it is suspending its contract with former British Columbia premier Gordon Campbell in li

Canada's Federal Taxes Are Different This Year. Here's 2019-02-16 12:52:00

Canadians Divided On Whether 'The 'System' Is Working 2019-02-15 16:46:00TORONTO — Canadians are divided on whether their system of public institutions is working or failing them, according to a new poll.The findings

These Are The Best Canadian Cities For Single 2019-02-15 14:36:00Buying a home is no easy feat, and buying a home on one income is even more difficult.Real estate site Zoocasa has rounded up the most and least affor

Canada's Average Home Price Is Back To 2015 2019-02-15 12:22:00Canada's average resale home price is back to where it was in the final months of 2015, the latest sign that the country's long-running housing boom

B.C. Tax Revenue Expected To Take $400-Million Hit 2019-02-15 09:30:00As B.C. home sales activity plummets during a housing downturn, the province may be losing out on hundreds of millions of dollars of previously expect

Indigenous Banking A Bright Spot For Canada's Big 2019-02-14 19:37:00TORONTO — From complex energy-sector investments to infrastructure projects and businesses, the increase of capital flowing into Canada's Indig

Canadians Should Have 'The Talk' ASAP To Avoid 2019-02-14 15:04:00Whether you're single or in a relationship, it's crucial to have "the talk" with yourself or a partner about your finances, or suffer the (often u

8 Female CEOs, 92 Male CEOs: Canada's Cannabis 2019-02-14 11:18:00TORONTO — Sitting at a large black table scattered with their latest cannabis products, a pink bottle of nail polish remover and a few bright su

Scott Brison Joins BMO Capital Markets Days After 2019-02-14 10:32:00TORONTO — The Bank of Montreal has hired former Liberal cabinet minister Scott Brison as its vice-chair of investment and corporate banking.BMO

CBC | Business News

HBC shutting down all 37 Home Outfitters stores 2019-02-21 17:03:39Hudson's Bay Co. announced Thursday it will close down its housewares chain Home Outfitters in Canada.

Canada could delay ratification of new NAFTA until 2019-02-21 16:16:56Transport Minister Marc Garneau said today the federal government isn't ruling out delaying the ratification of the new North American free trade pac

Flair Airlines suddenly stops flying to some U.S. 2019-02-21 14:43:06Canadian carrier Flair Airlines has suddenly suspended some of its flights to destinations in Florida and California as of next week, leaving some cus

Bank of Canada head says interest rates low 2019-02-21 12:52:45The head of the Bank of Canada says his trend-setting interest rate is low enough at its below-inflation level of 1.75 per cent that it's delivering

QuadrigaCX's inadvertent transfer due to 'platform setting error' 2019-02-21 12:18:38The court-appointed monitor overseeing the search for the roughly $260 million owed to clients of the embattled QuadrigaCX cryptocurrency exchange say

U.S. and China resume trade talks in standoff 2019-02-21 11:52:21The U.S. and China resumed high-levels talks Thursday aimed at easing a trade standoff that has unnerved global investors and clouded the outlook for

Investors give Nike the Mutombo finger wag after 2019-02-21 09:20:35Nike's shares sold off today after a pair of the sneaker company's shoes malfunctioned during a live televised NCAA game, injuring the NBA's No. 1

The growing pains Alberta faces as it sheds 2019-02-21 08:00:00Many involved in the energy sector, especially, are making changes based on the expectation of new realities, planning for a future that doesn't look

Alberta government subsidies increasing for fossil fuel industry: 2019-02-21 04:00:00This week alone Alberta's premier announced a $3.7-billion deal to lease 4,400 oil tank cars and $80 million in royalty credits for Nauticol Energy'

U.S. franchisee files lawsuit against Tim Hortons, alleges 2019-02-20 16:42:59A company that entered into an agreement to open hundreds of Tim Hortons restaurants in Minnesota filed a lawsuit against the chain and its parent com

Telecom customers face 'unacceptable' harm from misleading sales 2019-02-20 15:16:20New rules are needed to prevent telecom companies from using aggressive and misleading sales practices that harm consumers — particularly senior

MPs invite Zuckerberg, Twitter CEO to Ottawa to 2019-02-20 13:35:17A group of Canadian MPs is calling on the corporate titans of social media — including Facebook CEO Mark Zuckerberg — to appear before an

Christian Science Monitor |

US-China trade: How dose of reality is pushing 2019-02-19 19:18:23During 2018, the outlook seemed to grow steadily worse for relations between the world’s two largest economies. Things are shifting as both side

Recession is a risk in 2019. But maybe 2019-02-19 19:18:23A number of key trends in the economy are positive, from wage growth to low interest rates. Some of the biggest wild cards are trade policy and centra

New York's opposition to Amazon might scare off 2019-02-19 19:18:22Amazon has scrapped plans to build a headquarters in Queens amid fierce opposition from politicians, but experts warn that the pushback against the te

For many Americans, the Trump tax cut doesn’t 2019-02-19 19:18:22President Barack Obama’s signature domestic initiative, on health care, was marred by a glitch-prone rollout. Is President Trump’s tax-cut

T-Mobile, Sprint defend merger to lawmakers 2019-02-19 19:18:22The companies' executives argue that the merger will force the industry to up its game, improving quality of services and lowering prices. But the de

Climate’s pressure on energy firms isn’t just political, 2019-02-19 19:18:22PG&E’s bankruptcy filing has wider implications. Will CEOs’ and shareholders’ closer attention to the business risks of warming

US considers a tax on wealth, even as 2019-02-19 19:18:22Elizabeth Warren is considered a candidate of the left, yet even half of Republicans share her view that the wealthy should be taxed more. A key quest

Shutdown may be over – but economic ripple 2019-02-19 19:18:22Consumers, businesses, and investors loathe uncertainty. That's why the full effects of a government shutdown are hard to measure, and its end isn&rs

As AI advances in multiple industries, workers need 2019-02-19 19:18:22Artificial intelligence could severely disrupt a quarter of US jobs. Economists say the jobs likely to be spared from automation will require advanced

Farmers have a beef with plant- or lab-grown 2019-02-19 19:18:22How we speak can say a lot about how we think ​– and it can influence how we spend. Consider a rancher-led battle over food labe

Employees ‘taken hostage’: the ethics of the US 2019-02-19 19:18:22Compelling people to work without pay is fast becoming more than a legal issue for the federal government. Viewed as a social compact, it raises serio

Sears dodges liquidation, stores to stay open – 2019-02-19 19:18:22The company's chairman and largest shareholder won a bankruptcy auction for the chain, which hasn't seen a profitable year since 2010. If Sears keep


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.