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Mar Housing Wrap: Stabilizing Ahead Of Expected Spring Resurgence

CANADA
  • Canadian housing market stabilized in February after mild resurgence at the beginning of the year. CREA economists expect spring resurgence similar to last year after the BoC signaled a pause.
  • Home sales -3.1% from Jan after rebounding +13% from Dec to Jan. Sales +20% YOY. Prices flat on the month and +0.8% YOY.
  • Housing starts +14% in Feb to 253K after -10% in Jan as construction shifts to multi-unit housing.
  • National Bank of Canada expects housing starts to drop and stabilize at 235K units as interest rates weigh on the construction sector.
  • Teranet Housing Index +0.2% MOM after SA and +0.4% Non-SA, both measures posted the first increase after four and five consecutive decreases respectively. Prices +4.5% YOY.
  • Shelter costs have become major source of inflation as BOC considers when it can cut rates. Mortgage interest costs +26% YOY in Feb and rent +8.2% in StatsCan's CPI report.
  • Mortgage delinquency is on the rise, the Canadian Banking Association says 0.18% of mortgages are in arrears, the highest since Sept 2021.
  • Federal govt is trying to curb housing demand by decreasing the number of study and temporary resident permits.
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