Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Annual pace of housing construction slips more than expected last month
– canadianbusiness.com
The annual pace of Canadian housing construction slipped more than expected last month as builders in Ontario broke ground on fewer new homes following changes in the province’s real estate rules.
The Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts fell to 194,663 units in May, down from 213,498 in April.
Economists had expected the rate to come in at 205,000, according to Thomson Reuters.
Benjamin Reitzes, the Canadian rates and macro strategist at BMO Capital Markets, noted the pace of housing starts in Toronto fell 44.4 per cent compared with April.
“Don’t be surprised if activity remains subdued for at least a few more months as the housing market digests the changes,” Reitzes wrote in a report.
In April, the Ontario government announced 16 measures as part of an effort to cool the Toronto real estate market, including a tax on foreign buyers and expanded rent controls.
In May, the first full month following the changes, Toronto home sales fell 20…
The Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts fell to 194,663 units in May, down from 213,498 in April.
Economists had expected the rate to come in at 205,000, according to Thomson Reuters.
Benjamin Reitzes, the Canadian rates and macro strategist at BMO Capital Markets, noted the pace of housing starts in Toronto fell 44.4 per cent compared with April.
“Don’t be surprised if activity remains subdued for at least a few more months as the housing market digests the changes,” Reitzes wrote in a report.
In April, the Ontario government announced 16 measures as part of an effort to cool the Toronto real estate market, including a tax on foreign buyers and expanded rent controls.
In May, the first full month following the changes, Toronto home sales fell 20…
