{"id":12024,"date":"2019-03-29T08:55:58","date_gmt":"2019-03-29T15:55:58","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12024"},"modified":"2019-03-29T09:05:56","modified_gmt":"2019-03-29T16:05:56","slug":"significant-headwinds-to-impede-2019-housing-starts","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/significant-headwinds-to-impede-2019-housing-starts\/","title":{"rendered":"Significant Headwinds to Impede 2019 Housing Starts"},"content":{"rendered":"<p style=\"text-align: justify;\">The rest of 2019 might bring with it major risks \u2013 including a sluggish national economy and the knock-on effects of previous mortgage hikes \u2013 that can lead to less new homes built in Canada\u2019s major markets, CIBC economist Royce Mendes warned.<\/p>\n<p style=\"text-align: justify;\">\u201cResidential investment was downright ugly in the fourth quarter, and the latest reading on housing starts only added to the bad news on Canadian homebuilding,\u201d Mendes told The Canadian Press.<\/p>\n<p style=\"text-align: justify;\">Latest numbers from the Canada Mortgage and Housing Corporation showed that the seasonally adjusted annual rate of housing starts fell from 206,809 units in January to 173,153 units last month, considerably lower than prior predictions of a pace of 205,000.<\/p>\n<p style=\"text-align: justify;\">\u201cPrior to this reading, starts had seen a bit of a renaissance, rising back above 200,000 for four straight months. But the market has been a contending with the effects of higher interest rates and stricter lending standards, and a pace of 200,000 looked unlikely for the year as a whole,\u201d Mendes added.<\/p>\n<p style=\"text-align: justify;\">These figures came after the weakest January of home sales since 2015, according to the Canadian Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">\u201cAs a leading indicator of economic activity, February\u2019s steep decline in housing starts may raise some eyebrows in Ottawa,\u201d TD Bank senior economist Fotios Raptis cautioned in a report.<\/p>\n<p style=\"text-align: justify;\">\u201cAlthough housing starts seemed to be unscathed by the new B-20 regulations that took effect in January 2018, higher borrowing costs and tougher mortgage qualifying conditions may finally be taking a toll on new residential construction.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/significant-headwinds-to-impede-2019-housing-starts-255514.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Significant Headwinds to Impede 2019 Housing Starts<\/a> by Ephraim Vecina | Canadian Real Estate Weatlh<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rest of 2019 might bring with it major risks \u2013 including a sluggish national economy and the knock-on effects of previous mortgage hikes \u2013 that can lead to less &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/significant-headwinds-to-impede-2019-housing-starts\/\">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-12024","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Significant Headwinds to Impede 2019 Housing Starts &#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\/2019\/03\/significant-headwinds-to-impede-2019-housing-starts\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Significant Headwinds to Impede 2019 Housing Starts &#8226; 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