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Growth in Canadian housing market
Housing starts in Canada during January rose back over 220,000 units on an annualized basis. That’s above December’s 185,000 units, according to Canada’s Mortgage and Housing Corp.
Strong housing markets have been one of the saviors of the Canadian economy over the past few years. Unlike the United States, Canada’s homebuilding activity has stayed strong and relatively even, according to Reed Construction Data.
Canada has not had the same degree of problems with the subprime mortgage meltdown as the United States, nor has there been an excessive run up in prices, leading to a speculative collapse.
RCD’s CanaData group expects a softening in housing demand in Canada as a result of the overall slowdown in the economy, some loss of affordability and the after-effects of satisfied pent-up demand resulting from strong real estate activity in the past six years.
CanaData is forecasting starts for all of 2008 to be 200,000 units, which compares to the “official” figure of 228,343 units.
“At this point in time, the forecast appears to be on the conservative side,” CanaData says.
Growth in Canadian housing market
March 20, 2008
Housing starts in Canada during January rose back over 220,000 units on an annualized basis. That’s above December’s 185,000 units, according to Canada’s Mortgage and Housing Corp.Strong housing markets have been one of the saviors of the Canadian economy over the past few years. Unlike the United States, Canada’s homebuilding activity has stayed strong and relatively even, according to Reed Construction Data.
Canada has not had the same degree of problems with the subprime mortgage meltdown as the United States, nor has there been an excessive run up in prices, leading to a speculative collapse.
RCD’s CanaData group expects a softening in housing demand in Canada as a result of the overall slowdown in the economy, some loss of affordability and the after-effects of satisfied pent-up demand resulting from strong real estate activity in the past six years.
CanaData is forecasting starts for all of 2008 to be 200,000 units, which compares to the “official” figure of 228,343 units.
“At this point in time, the forecast appears to be on the conservative side,” CanaData says.
Posted by Jack Keough on March 20, 2008 | Comments (0)
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