Following last week’s article on the Canadian housing sector asking, “Is it Time to Buy a House in Canada?” traders were subjected to yet more data which offers a nudge to answer in the affirmative. Today’s report on housing starts by the Canada Mortgage and Housing Corporation (CMHC) revealed far more Canadians are beginning to build homes than was assumed.
Forecasts for this report were in fact anticipating a growth of approximately 182,000 homes, year-on-year, but the results showed that 197,000 homes began construction, beating even last month’s release of 194,000 new homes. The CAD is still in decline from larger growth concerns affecting all currencies globally, but capital investments do appear to have become more favorable as the Canadian housing sector sees a significant boost from recent data.
