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Canada: 180.7K Housing Starts In February

ByThe National Bank of Canada
Published 03/11/2013, 03:15 AM
Updated 05/14/2017, 06:45 AM
NWSA
2.00%
IMOB
-2.46%
FACTS:

On an annual basis,180.7K dwellings started in February, regaining some of the ground lost in January (top chart). Urban starts jumped 18.4% to 161.6K. Single urban starts increased 6.1% to 62.6K, while multiple urban starts gained 27.7% to 99.0K. Rural starts decreased 14.9% to 19.1K. On a regional basis, starts increased in 5 provinces out of 10, but Ontario lead the recovery by far with +19.4K (+44.7%), followed by Quebec (+7.1K or +22.5%)
Starts Regained Some Ground In February
Multiple starts in the three largest metropolitan areas
New housing construction
OPINION: Let’s recall that most of January’s drop in housing starts was concentrated in multiple starts in Toronto and Montreal. February’s recovery can be attributed to a rebound in multiple starts in the GTA to a normal level. However, weakness persisted in Montreal, while multiple starts in the Vancouver area were the weakest since March 2011 (middle chart). The latest news from the Real Estate Board of Greater Vancouver is that existing home sales were down 28.1% from a year ago in Februar,y while active listings were up 5.2%. According to Toronto Real Estate Board, sales of condo apartments in the GTA were down 21.3%, while active listings were up 7.6%. According to Centris, sales were down 14.2% in January in the Montreal metropolitan area, while listings were up 9.4%. It could be that the cooling of the resale market, in part due to the new mortgage rules, will result in housing starts falling to 170K units in Canada in 2013. It is clear that new residential construction is set to decline at the beginning of the year (bottom chart).

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