Pace of housing sector increases

first_img Global housing prices rise amid pandemic: BIS The pace of new home starts picked up in May as the housing sector showed surprising strength Monday, giving economists hope for the second quarter after a slow start to the year. Canada Mortgage and Housing Corp. said housing starts hit a seasonally adjusted rate of 201,705 units in May, up from 183,329 in April. The increase was driven by multiple-unit projects in Ontario, the Atlantic region and Quebec. Royal Bank economist Laura Cooper said the improvement in new home construction along with a stronger pace of sales in the resale market will contribute to an economic recovery in the second quarter. The economy took a hit in the first quarter as it shrunk at an annual rate of 0.6%, due in part to the drop in oil prices. However, economists are looking for it to bounce back in the second quarter. Weak trade numbers for April combined with a strong jobs report for May last week have provided a mixed picture so far. Breaking down the housing starts report, multi-unit starts in urban areas accounted for 122,367 of the total for May, up 16.9% from April, while construction of single-detached houses in urban areas was steady at a seasonally adjusted rate of 58,868 units. There were an estimated 16,470 housing starts in rural areas. The CMHC report came as Statistics Canada reported that contractors took out $7.8 billion worth of building permits in April, up 11.6% from March. The increase was fuelled in large part by a 30.2% increase in the non-residential sector to $3.3 billion in April, following a 24.8% gain in March. Plans for residential buildings increased 1.2% to $4.5 billion. CIBC economist Nick Exarhos said the report was positive for the economic outlook. “Today’s release gives some hope that after investment provided a major drag in the first quarter, there may be reason to believe that things may turn slightly higher in the quarters ahead,” he wrote in a note. The growth in residential permits was the third consecutive monthly advance with gains in Ontario, Quebec, Nova Scotia and Newfoundland and Labrador. British Columbia posted the largest decrease. Statistics Canada said the value of single-family home permits rose 6.6% to $2.5 billion in April, the first increase in three months, while plans for multi-family homes fell 4.5% to $2.1 billion. Tougher stress tests won’t chill housing market: Scotia Keywords HousingCompanies Canada Mortgage & Housing Corp. Craig Wong center_img Share this article and your comments with peers on social media GTA home sales down 13% between April and May: TRREB Related news Facebook LinkedIn Twitterlast_img read more

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FTC obstacle tackled in Airgas acquisition saga

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LIVE: The League of Nations begins, the first match starts –…

first_imgThe second edition of the League of Nations starts today! The tournament, which replaced the friendly matches between the national teams in Europe, is back on the big stage. We will find out if Portugal will be able to defend their trophy from the first edition.At its start we will see the Bulgarian national team, which is in League B, Group 4, where it is accompanied by the teams of Wales, Eyre and Finland. The Lions will host Eire at the Vasil Levski Stadium tonight at 9:45 p.m., and we all hope for a good performance from our boys.At the same time, however, the teams of Germany and Spain from League A, Group 4, meet.Other matches that attract interest are Ukraine – Switzerland, Russia – Serbia and Finland – Wales.😀 UEFA Nations League is back!⚽️ Thursday’s games…😎 Who’s your team?#NationsLeague— UEFA Nations League (@EURO2020) September 3, 2020Here are all the League of Nations matches tonight:League A:Group 4:Germany – Spain 21:45Ukraine – Switzerland 21:45League B:Group 3:Russia – Serbia 21:45Turkey – Hungary 21:45Group 4:BULGARIA – Eire 21:45Finland – Wales 21:45League C:Group 3:Moldova – Kosovo 21:45Slovenia – Greece 21:45League D:Group 1:Latvia – Andorra 0:0Faroe Islands – Malta 21:45 Follow us anywhere and anytime with the mobile application of Gong.bg. You can download it from Google Play, App Store and AppGallery.last_img read more

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