CMHC (Canada Mortgage and Housing Corporation)
New housing starts fell in March by an annualized rate of 11%! From 241,000 units last MCorporation)arch to 214,000 units this March. Economists had expected construction of new housing units to fall by 1.2%. They were out by a factor of 10!
This will lead to strong upward pressure in the housing market as renters and buyers compete for increasingly scarce properties!
Based on a report from Reuters April 19, 2023.