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Canada Housing April 2022

Canada: Housing starts rise in April

Housing starts rose to 267,330 units on a seasonally-adjusted annualized rate (SAAR) basis in April according to the Canada Mortgage and Housing Corporation (CMHC), up 8% from March’s 248,389-unit reading. April’s figure was driven by higher multi-urban starts and single-detached urban starts.

Meanwhile, the six-month average of housing starts in urban areas rose marginally to 257,846 units in April from 253,226 in March. April’s readings bodes well for residential investment in the second quarter.

On the outlook for the housing sector, TD Economics’ Rishi Sondhi said:

“Looking past the very near term, starts should gradually decline, reflecting higher interest rates that weigh heavily on demand and increase builders’ financing costs. […] Homebuilding could receive a boost from policies introduced in the federal budget, which would (with a lag) put some downward pressure on home prices. However, the federal government’s stated intention of doubling the current pace of homebuilding over the next decade looks like a stretch.”

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