CMHC published data for May housing starts early last week. The six month rolling average is trending at the same level as in April but there was a surge in multiple starts, particularly in the Toronto area where there are now 242 condominium projects underway.
The Bank of Canada released it semi-annual Financial System Review last week. The Bank sees levels of household indebtedness and imbalances in parts of the housing market (the Toronto condominium market in particular) as the most significant domestic risks to the Canadian economy. Despite slowing consumer debt accumulation and reduced home re-sales and new home construction, the Bank still considers that these risks remain "elevated".
Statistics Canada released April data for new home prices last week which showed that Calgary is leading the country in new home price growth.
The National Bank/Teranet House Price Index for May was also published last week. It shows that Canadian home prices were up 1.1% in May from April. Prices were 2% from May, 2012 - the smallest annual increase since November, 2009.
extracted from MCAP, Joel Sida
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