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Canadian housing starts surged to a record pace in March as the pandemic drives demand for more living space and record low interest rates foster bidding wars, adding to pressure on governments and the central bank to cool the market.
Work on new homes rose 22% to a seasonally adjusted annualized pace of 335,200 units in March, Canada Mortgage and Housing Corp. reported Monday, shattering the previous record of 288,600 set in 2007. The six-month moving average preferred by the agency also climbed to 273,664 units in March 2021 from 252,636 in February.
The BOC has delivered mixed messages on housing in the pandemic, saying at one point the economy needed all the growth it could get, and more recently warning that massive price gains are worrying signs of speculative buying. Some investors have said the BOC may mention housing risks in its decision on its 0.25% policy rate on Wednesday.
Source: CMHC
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.