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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
- Our policy team earlier noted the strength in housing starts, which increased by more than expected in July to a seasonally adjusted annualized 279.5k (cons 245k) from an essentially unrevised 242k in June.
- The 16% rise in overall starts extends a string of volatile months, which continue to be driven by urban multi-units (rising 21% in July after -13% in June and 13% in May).
- Looking through the noise, the latter do however appear to be trending higher so far this year, whilst urban single unit starts also increased for a fourth consecutive month.
- The bottom line is that starts are starting to trend higher but still have a long way to go to alleviate housing shortages, especially after the population increased by more than 1.2million in 2023 and almost 250k in Q1.
- That said, yesterday’s existing home sales data meanwhile saw tepid sales (-0.7% M/M) which meant months of inventory maintained recent relative increase to help limit inflationary pressures from housing (the 4.2 months is the highest for a July post-pandemic and is closer to the 4.6-5.4 seen in the three years pre-pandemic).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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