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Canadian housing starts were the fifth strongest on record in May, rising 3.2% to a seasonally adjusted annualized pace of 275,916 units, government figures showed Tuesday.
The pace is much stronger than the typical 200,000 set before the pandemic struck, and reflects families seeking more space and rock-bottom mortgage rates. Starts set a record of 334,759 in March according to CMHC figures back to 1990.
The agency's preferred six-month moving average was a record 280,779 units. Governments have mostly stood aside during the latest boom, unlike last decade when they cracked down on what was thought to be a wave of foreign speculators in Vancouver and Toronto. The BOC has maintained it's the last line of defense amid the growing risks of a housing correction.
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.