Canadian housing starts increased more than expected for the month of February. The number of new starts created were that of 192,094, whereas expectation was at 189,500 according to reports from CMHC (Canadian Mortgage and Housing Corporation). Because these numbers are more than what was expected, this is a good outlook on what is to come for the housing market. Even though economists are predicting a slower pace by the end of the year, this may be a sign that it will not be as slow as once predicted.
Activity was of course, reported slower in January due to the unusual brutal winter weather Canada has been faced with this year. This deterred a lot of people from getting out and seeing what was available in the first month of the year. Now that the weather is warming up (very slowly!), we are now starting to see high activity in terms of buying and selling as we approach the spring market.
Contact Robert Clancy today to discuss your mortgage needs!