Canada housing starts preview
Canada housing starts preview: analysts expect starts, due Wednesday, to fall to 200.0k unit rate in July from the 212.7k pace in June. The roust 252k pace in March was the best reading since the 2008-09 recession, and the strongest since the 288.6k rate in September of 2007. The underlying starts trend, as measured by the six month moving average, improved to 215.5k in June from 214.6k in May. The government's latest round of measures to cool the housing market took effect in October of 2016. Ontario implemented measures, beginning in April, to cool the Greater Toronto housing market. The Ontario measures have "cooled" the market in the GTA. Vancouver also saw activity "cool", although it has shown signs of improvement lately. Broadly, still low mortgage rates, a solid labour market (but only modest wage gains) and slow underlying inflation remain a powerful incentive to home buyers. Building permit values are also due Wednesday, with a 5.0% decline projected for June.