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.
Ten steps to home
March 1 2016 Posted by Jennifer Gaudet
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 right foot and talk to a professional mortgage broker: that’s me! I can help you determine if you’re ready to buy, or give you some tips on how to get ready!
- I’ll let you know how much home you can comfortably afford.
- Work with an experienced realtor to find your home.
- Find your perfect home and make an Offer to Purchase that is subject to financing.
- Gather up the documents to support your mortgage request.
- Get your mortgage approval, waive your financing condition, and sign your mortgage commitment.
- Don’t make any significant changes to your income or debts before getting possession of your home.
- Meet with your lawyer approximately a week before the house becomes yours to finalize everything.
- Arrange for home insurance.
- Walk in your very own front door!
Now that you’re home, I will help you make the most of your home ownership with tips to help you manage your mortgage, and power down your debt as quickly as possible. Call today! You’re probably just ten steps from home!
Canforce Mortgage Inc. Greenwood, NS
Jennifer Gaudet, Owner/ Broker
Military Mortgage Broker