Canadian housing starts likely to have recovered in June

Canadian housing data for the month of June is set to release tomorrow. According to a TD Economics research report, housing starts are likely to have recovered to an annualized 210k on a partial recovery in multi-unit construction. Apartments and other multi-unit projects were the main drivers for the slowdown in May and continued strength in permit issuance implies this pullback will be short-lived.

In April, permits for multi-dwelling buildings rose 40 percent to a non-annualized 18.3k in April, the last month available, which stands as a new record for monthly issuance.

“While permits are just as volatile as starts, the trend still points continued sustained strength in residential construction despite moderating demand in certain regions”, added TD Economics.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex