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Economy in Brief

Canada Housing Starts Rise Still It Is Stalked By The Threat Of A Stalled Rebound
by Robert Brusca February 8, 2010

Canada’s housing starts are in a dig-out phase. The sharp-seeming 5.8% rise this month only takes starts back toward their recent local peak. Starts are sharply up from their financial crisis low point but are still well short of being back at what has passed as normal activity levels in recent years.

Building permits, which lag housing starts are up on strong growth over the past 3- 6- and 12-months 

House price data that are current only through November, show a rise in November. House prices are up over three-months as well as the last six months. Over 12-months prices still are lower by 1.1%. 

Canada’s housing market is still obviously struggling to recover. It has moved up strongly from the financial crisis lows. But momentum has become suspect. But suspect momentum is not the same as backsliding. Building permits continue to pile up albeit at a slower pace. Canada’s housing market seems to be suffering the same fate as recovery in many of the worlds leading markets. It has had a vigorous rebound but is flattening out or slowing its paces of increase well short of restoring its former level of activity.

Canada's Housing Starts
  Starts Permit House Prices
Month-to-Month
Jan-2010 5.8% -- --
Dec-2009 0.2% 2.4% --
Nov-2009 -6.5% 11.5% 0.5%
Sequential Growth
3-Mo -0.9% 17.1% 2.0%
6-Mo 34.2% 42.5% 2.0%
12-Mo 37.4% 33.5% -1.1%
From Jan-2010 Dec-2009 Nov-2009
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