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Commentaries
June 17, 2024
Canadian Existing Home Sales (May 2024)
Canadian existing home sales declined 0.6% month-on-month (m/m) in May, leaving them 12% below their pre-pandemic level. Nation-wide, sales were driven higher by gains in Alberta (+2.5% m/m) and B.C. (+1.9% m/m). In contrast, sales fell in Ontario (-2.0% m/m) and Quebec (-2.4% m/m).
June 17, 2024
Canadian Housing Starts (May 2024)
Builders broke ground on a surprisingly healthy number of units last month. With May's solid performance, urban starts are averaging 233.7k units, about 5% above their 1st quarter level. This points to some positive contribution to overall economic growth in Q2 via the new construction component of residential investment.
June 13, 2024
Canadian Household Balance Sheet (2024 Q1)
Financial market strength combined with slower growth in mortgage debt delivered a boost to Canadian households' wealth. Despite the slight pull back in the debt-servicing burden, it remains near record highs, as payments and incomes are rising in tandem. Q1 GDP highlighted that although economic growth is moderating, wealth gains appear to be buoying consumer spending, with particular strength coming through on the household side on the first quarter reading.