{"id":10075,"date":"2018-08-21T10:10:40","date_gmt":"2018-08-21T17:10:40","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10075"},"modified":"2018-08-10T16:33:00","modified_gmt":"2018-08-10T23:33:00","slug":"canadian-home-construction-hasnt-been-this-hot-in-a-decade","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/canadian-home-construction-hasnt-been-this-hot-in-a-decade\/","title":{"rendered":"Canadian Home Construction Hasn&#8217;t Been This Hot in A Decade"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home construction has been on a roll this year, with a massive 246,000 seasonally adjusted housing starts in June, and 206,300 in July. According to one economist, it\u2019s the biggest boom in residential construction for the country in over a decade.<\/p>\n<p style=\"text-align: justify;\">\u201cThe 3-month average is running at 216,000, and the 12-month average is at 222,000, both very strong by historical standards,\u201d writes BMO senior economist Robert Kavcic, in a recent note. \u201cIn fact, the latter is now rivalling the 2003 to 2008 period, which was the most recent \u2018boom\u2019 in Canadian residential construction.\u201d<\/p>\n<p style=\"text-align: justify;\">Kavcic notes that a 27-year high for population growth is likely behind the strength in starts, with Vancouver and Toronto markets leading the way.<\/p>\n<p style=\"text-align: justify;\">As for whether the boom will continue, in a separate note RBC senior economist Josh Nye writes that downward pressures will likely bring housing starts back to earth in the near future.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat has surprised us is the persistent strength in overall homebuilding,\u201d he writes. \u201cWe continue to expect the factors that weighed on resales in 2018 \u2014 rising interest rates and more stringent mortgage qualifying rules \u2014 will also put downward pressure on new construction.\u201d<\/p>\n<p style=\"text-align: justify;\">Nye predicts that starts will remain above 200,000 in the near-term, before slowing down in the first half of 2019.<\/p>\n<p style=\"text-align: justify;\">Kavcic notes that Ontario has seen a particularly large surge in supply, with the 12-month average now sitting at 80,000 units.<\/p>\n<p style=\"text-align: justify;\">\u201c[This is up] from 56,000 as recently as mid-2015,\u201d he writes. \u201cThis comes in response to ramped up population inflows, and most is concentrated in condos as dictated by development policy.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/08\/canadian-home-construction-hasnt-hot-decade.html\" target=\"_blank\" rel=\"noopener\">Canadian Home Construction Hasn&#8217;t Been This Hot in A Decade<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home construction has been on a roll this year, with a massive 246,000 seasonally adjusted housing starts in June, and 206,300 in July. According to one economist, it\u2019s the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/canadian-home-construction-hasnt-been-this-hot-in-a-decade\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10075","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Home Construction Hasn&#039;t Been This Hot in A Decade &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/canadian-home-construction-hasnt-been-this-hot-in-a-decade\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Home Construction Hasn&#039;t Been This Hot in A Decade &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home construction has been on a roll this year, with a massive 246,000 seasonally adjusted housing starts in June, and 206,300 in July. 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