Canada housing starts preview
Canada housing starts preview: starts are expected to rebound to a 215.0k pace in June after falling to 195.6k in May from 216.8k in April. Starts have been resilient, holding in a 215k to 230k range from December to April while existing home sales and prices tumbled beginning in January as new regulations took effect. The resilience in starts growth is consistent with some degree of underlying momentum in Canada's housing market. Governor Poloz noted that the fall in existing home prices reflects a shift in demand among homebuyers to more affordable condos from single family homes, as mortgage regulation reduce households ability to qualify for larger mortgage amounts requited for a single family home. The separate building permits report is projected to show a 1.0% decline in permit values during May after the 4.6% drop in April. View the summary.