Canada’s housing starts likely to have rebounded moderately in June, says TD Economics

Canada’s housing starts are likely to have rebounded moderately in June. According to a TD Economics research report, Canada’s housing starts are expected to have risen 205k in June following two months of slowdown.

While data from the Toronto Real Estate Board shows that the market is still adjusting to new macroprudential measures through June, building permit data implies that a weak resale market is not yet dissuading development in the region. Building permits also indicated a sharp rebound for single-and multi-unit projects, implying that both might see greater construction activity in June. Canada’s housing starts are not expected to recover fully to the six-month trend of 215k, added TD Economics.

At 22:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was highly bullish at 100.224, while the FxWirePro's Hourly Strength Index US Dollar was neutral at -18.8352. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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