TD Economics brought to you by Dina Ignjatovic, Economist
Data Release: Housing starts kick off the year on strong footing
- Canadian housing starts kicked off the year on a strong note, with homebuilders breaking ground on 207k units (annualized) in January. This extends December's sharp gain, and pushes the 6-month moving average up just shy of the 200k unit mark.
- The strength in January stemmed from the multi-family sector, which was up 4.2% following a 14% gain in December. Meanwhile, single family construction was down 4.6% on the month, reversing some of December's gains.
- Regionally, Ontario remained the key driver of growth, with starts up by a whopping 25% in January. Homebuilding in the Atlantic Provinces was also up during the month while the remaining regions recorded declines. B.C. experienced the largest pullback, as home starts slid 33% from the month prior.
Key Implications
- Overall, housing starts have been hovering around the 200k mark annualized (on a trend basis) for the last six quarters, or just slightly above the current rate of household formation. However, homebuilding construction should begin to slow over the course of the year, consistent with a cooling in overall housing market activity.
- Still, the recent strength in multi-unit projects could have further room to run given the surge in building permit approvals seen over the second half of last year. This could be partly offset by single-family construction, which is already at relatively lofty levels.
- The regional story will continue to reverberate across the housing markets, with central Canada leading the way, while B.C. and the oil-rich provinces lagging behind.
Category: First Time Home Buyers (14 posts)
- March 1, 2016 @ 7:51 PM
- Posted by Jennifer Gaudet
Five Tips for First-Time Homebuyers
Five Tips for First-Time Homebuyers Although mortgage debt is ‘smart’ debt, buying your first home is a huge financial decision and there is a lot to think about. It’s one o
- March 1, 2016 @ 7:49 PM
- Posted by Jennifer Gaudet
First-time homebuyers can tap their RRSPs to help with a home purchase
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- March 1, 2016 @ 7:48 PM
- Posted by Jennifer Gaudet
Smart debt management gives first-time homebuyers an edge
Smart debt management gives first-time homebuyers an edge Although home debt is ‘smart’ debt, it’s a huge financial decision and there is a lot to think about, which can keep potent
- March 1, 2016 @ 7:44 PM
- Posted by Jennifer Gaudet
Go ahead. Jump in to home ownership!
Go ahead. Jump in! Thinking about buying your first home? This may be your golden moment. Mortgage rates are still very attractive, and it’s a great season to shop for a new home
- March 1, 2016 @ 7:43 PM
- Posted by Jennifer Gaudet
Ten steps to home
Ten steps to home Dreaming of celebrating the holidays in your very own home? Maybe it’s not as far away as you think. In fact, you might be just ten steps away! Start off on the rig
- March 1, 2016 @ 7:33 PM
- Posted by Jennifer Gaudet
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Get off on the right foot on your home buying journey If you are a first-time homebuyer, professional mortgage advice can get you off on the right foot in your home buying journey. We specialize in t
- March 1, 2016 @ 7:31 PM
- Posted by Jennifer Gaudet
Starting Smart: Savvy first-time home buyers are going to brokers
Starting Smart: Savvy first-time home buyers are going to brokers You’ve got to hand it to this younger generation. They’re internet-savvy, they do their homework, they ask questions, the
- March 1, 2016 @ 7:29 PM
- Posted by Jennifer Gaudet
Getting your home in 5 easy steps
Getting your home in 5 easy steps Meet with your Mortgage Broker This important first step is where I get to know you, not just your plans for your new home, but also your goals for the future.
- March 1, 2016 @ 7:26 PM
- Posted by Jennifer Gaudet
GETTING THAT DOWNPAYMENT: It might be easier than you think!
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- March 1, 2016 @ 7:20 PM
- Posted by Jennifer Gaudet
The 90-day downpayment boost for first-time homebuyers.
The 90-day downpayment boost for first-time homebuyers. If you’re buying your first home now and it’ll be at least 90 days before your move, let’s talk.The Federal Home Buyers&rsqu
- March 1, 2016 @ 12:59 PM
- Posted by Jennifer Gaudet
Did you purchase in 2015 as a 1st time home buyer? Check this out
$750 for 2015 first-time buyers. Don’t leave money on the table if you bought your first home last year!You may be able to take advantage of the Home Buyers Tax Credit (HBTC) when you
- November 16, 2015 @ 12:16 PM
- Posted by Jennifer Gaudet
4 Homebuyer Tips To Make House Hunting More Efficient
Going house hunting can be fun and exciting at first, but the more houses you look at, the more frustrating you might become -- especially if you just can't seem to find the perfect home. No one
- April 8, 2015 @ 7:15 PM
- Posted by Jennifer Gaudet
5 Things That May Not Be Included In Your Home Purchase
When you find the house you love and want to purchase, if there is something you want included in the purchase, tell your agent. Be prepared to pay an additional amount for anything the seller did not
- September 30, 2014 @ 7:14 PM
- Posted by Jennifer Gaudet
First Time Buyer Plan
Navigating the world of Canadian home buying. Step 1: Figure out how much you can afford. Falling in love with a house you can’t afford can be heartbreaking. Avoid disappointment by
Jennifer Gaudet
Associate Mortgage Broker - Military Mortgage Specialist
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