- Prior was +1.3% (revised to +2.4%)
- Residential +12.0%
- Non-residential -3.4%
- Multi-family +20.2%
- Single-family +3.3%
Canadian home prices are sky high and that's a big incentive for builders to build. Margins are strong despite rising costs. However this month's data were boosted by a large residential tower permit in British Columbia.
On the pricing front, the new housing price index rose 0.8% in November, up from 0.9% the month before. It's scary how much the Canadian economy is carried by real estate and home-equity loans.
USD?CAD is up 10 pips today to 1.2716 but down from the session high of 1.2739 a short time ago.