Here is the latest market commentary provided by First National Financial LP.
The latest housing start numbers from CMHC probably come as a relief to some market watchers.
Starts were down in October with a drop in new, multi-unit construction leading the overall decline. Especially heartening for some is the drop in urban, multi-unit starts – read Toronto condos.
Overall starts dipped nearly 9,000 last month to an annual rate of a little less than 184,000. Starts of urban multis dropped by nearly 16,000. Toronto condos have long been blamed for skewing the national housing numbers ever upward.
It’s worth noting that multi-unit starts tend to be volatile and now that the sector accounts for 60% of new home construction we can expect plenty of volatility in the month-to-month numbers. Looking at the longer term trends will give a better view.
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