{"id":12550,"date":"2019-05-23T10:10:44","date_gmt":"2019-05-23T17:10:44","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12550"},"modified":"2019-05-08T16:05:30","modified_gmt":"2019-05-08T23:05:30","slug":"canadian-homebuilding-bounced-back-in-a-big-way-this-spring","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadian-homebuilding-bounced-back-in-a-big-way-this-spring\/","title":{"rendered":"Canadian Homebuilding Bounced Back in A Big Way This Spring"},"content":{"rendered":"<p style=\"text-align: justify;\">The first full month of spring saw homebuilding activity in Canada surprise housing market analysts with a show of strength, suggesting the Canadian market might be on the upswing once more.<\/p>\n<p style=\"text-align: justify;\">In April, Canadian housing starts reached an annualized rate of 235,460, up 22.6 percent compared to March, according to Canada Mortgage and Housing Corporation (CMHC) preliminary data. February homebuilding activity had plunged to a multi-year low.<\/p>\n<p style=\"text-align: justify;\">A housing start occurs when work begins on a residential unit, and the annualized rate estimates how many homes would be built in a year if the current pace of construction persisted.<\/p>\n<p style=\"text-align: justify;\">Some markets were busier than other for contractors last month. Ontario saw annualized starts surge 43.8 percent, thanks to the stabilization of Toronto\u2019s market. Meantime, BC activity jumped 44.4 percent as condo construction ramped up.<\/p>\n<p style=\"text-align: justify;\">\u201cUnderlying demand remains healthy amid solid demographic trends and a strong labour market,\u201d writes Priscilla Thiagamoorthy, an economic analyst for BMO, in a response to the CMHC release.<\/p>\n<p style=\"text-align: justify;\">Thiagamoorthy, who notes April was \u201cmuch stronger than expected,\u201d anticipates homebuilders will break ground for more than 200,000 new homes in 2019. \u201c[B]uilders won\u2019t be packing away the hammers anytime soon,\u201d she says.<\/p>\n<p style=\"text-align: justify;\">Josh Nye, senior economist at RBC, didn\u2019t see the level of homebuilding activity coming either.<\/p>\n<p style=\"text-align: justify;\">\u201cEconomists (including ourselves) were perhaps a bit shy to pencil in such a strong increase in housing starts in April, though the rapid pace of permit issuance in recent months and potential for weather delayed starts to show up in the spring means today\u2019s report isn\u2019t a total surprise,\u201d he says, offering up one possible factor behind the leap.<\/p>\n<p style=\"text-align: justify;\">He also suggests the pace of multi-family construction, which includes condos and purpose-built rental buildings, gives the appearance that the country\u2019s housing sector will cease to be a headwind for the economy this year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/05\/canadian-homebuilding-bounced-back-spring.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Homebuilding Bounced Back in A Big Way This Spring<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first full month of spring saw homebuilding activity in Canada surprise housing market analysts with a show of strength, suggesting the Canadian market might be on the upswing once &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/canadian-homebuilding-bounced-back-in-a-big-way-this-spring\/\">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-12550","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Homebuilding Bounced Back in A Big Way This Spring &#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\/05\/canadian-homebuilding-bounced-back-in-a-big-way-this-spring\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Homebuilding Bounced Back in A Big Way This Spring &#8226; 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