May 15, 2024 12:32 GMT
April Housing Starts Fall Again Despite Need For Construction
CANADA DATA
- Canada seasonally adjusted starts -1% MOM to 240K units after -7% in March.
- 6M moving average -2.2% to 244K units from -1.6% in March.
- Declines driven by multi-unit starts, particularly in Ontario, but single-detached starts also fell.
- "We continue to see last year's challenging borrowing conditions reflected in multi-unit housing starts numbers. We expect to see continued downward pressure," said Bob Dugan, CMHC's chief economist.
- Government announced CAD8.5B of spending on housing over 5Y in the 2024 federal budget. Some economists have noted the plan to build millions of new homes in coming years is far beyond the industry's current capacity.
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