Canadian housing starts data from the CMHC
- Prior was 272.2K (revised to 270.7K)
- Seasonally adjusted starts -3.9% m/m
- Multiple starts -5.7%
- Single detached -2.0%
- Full report
Given the jump in home prices, I would have expected to see a quickening pace but it's a struggle to source workers and supplies for home builders. That's leading to high price quotes from contractors and keeping the market undersupplied.
"On a trend and monthly SAAR basis, the level of starts activity remains elevated by historical standards," the CMHC said.