{"id":347,"date":"2015-12-09T09:02:39","date_gmt":"2015-12-09T17:02:39","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=347"},"modified":"2015-12-09T09:02:51","modified_gmt":"2015-12-09T17:02:51","slug":"canadian-housing-starts-building-permits-show-strength","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/canadian-housing-starts-building-permits-show-strength\/","title":{"rendered":"Canadian Housing Starts, Building Permits Show Strength"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian housing starts rose unexpectedly in November and building permits surged in October, fuelling Canada\u2019s prolonged housing boom even as the nation\u2019s weak economy contributed to underlying softness in some regions, reports showed on Tuesday.<\/p>\n<p style=\"text-align: justify;\">Groundbreaking on new homes jumped to 211,916 units last month from a downwardly revised 197,712 units in October, bucking expectations for a softening to 197,300 starts, a report from the Canadian Mortgage and Housing Corp showed.<\/p>\n<p style=\"text-align: justify;\">The continued strength in home building was concentrated in condo building and in two regions \u2013 Ontario and the Prairies \u2013 and left economists wondering at a patchy housing boom that was not expected to last as long as it has.<\/p>\n<p style=\"text-align: justify;\">\u201cThe strength in Canadian housing construction this year has been somewhat of a mystery,\u201d Derek Holt, vice president of Scotiabank Economics, said in a note to clients.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada has cut rates twice this year to help bolster the economy against slumping oil prices.<\/p>\n<p style=\"text-align: justify;\">Robert Kavcic, senior economist at BMO Capital Markets, noted a surge in starts in the energy heartland of the Prairie provinces \u2013 Alberta, Saskatchewan and Manitoba \u2013 which has been hard-hit by the long slump in oil prices.<\/p>\n<p style=\"text-align: justify;\">\u201cRegionally, the Prairies were curiously strong in November, led by a hefty gain in Alberta,\u201d he said in a research note.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s housing market has been growing since 2009, despite a tepid economy. While analysts have long warned the market is at risk of a correction and some have predicted a crash, most believe a soft landing will happen eventually.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada has kept official interest rates at historic lows for years in a bid to stimulate the economy, leaving federal government policy makers mulling tighter mortgage lending regulations to deal with the housing boom.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadian home building activity remains robust, and accelerating momentum through the latter stages of 2015 will likely catch the eye of policy makers currently stewing over the strength in real estate. Like the resale market though, the real strength is concentrated in a few local areas,\u201d Kavcic noted.<\/p>\n<p style=\"text-align: justify;\">A separate report from Statistics Canada showed the value of Canadian building permits surged by a higher-than-expected 9.1% in October from September, the first increase in three months. Analysts surveyed by Reuters had expected an increase of 3.2%.<\/p>\n<p style=\"text-align: justify;\">Construction intentions for multi-family dwellings and institutional buildings in Alberta led the gain as contractors sought permits before new building code regulations came into force.<\/p>\n<p><a href=\"http:\/\/www.theglobeandmail.com\/report-on-business\/economy\/housing\/housing-starts-jump-in-november\/article27640921\/\" target=\"_blank\">Canadian Housing Starts, Building Permits Show Strength<\/a> by Andrea Hopkins | The Globe and Mail<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian housing starts rose unexpectedly in November and building permits surged in October, fuelling Canada\u2019s prolonged housing boom even as the nation\u2019s weak economy contributed to underlying softness in some &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/canadian-housing-starts-building-permits-show-strength\/\">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-347","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>Canadian Housing Starts, Building Permits Show Strength &#8226; 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