Reitmans Ord Shs V.RET.A

What Recession ?…Biggest Housing Starts on Record

[nozzpack]

https://www.zerohedge.com/economics/shocking-housing-starts-data-economists-blown-away-11-sigma-beat-after-biggest-monthly

[Torontojay]

Too bad we can't say the same thing about Canada.  Total residential Building permits down ~ 25% y/y as of April unadjusted. Single dwelling units down ~33% y/y.  Building permits peaked in June 2022 and has declined by double digits in the last 6 months when compared to the previous year.  Canada housing starts has declined in the last 2 quarters on a y/y basis and

[nozzpack]

Yet, Canada's GDP expanded 3.1 % in Q1 of 2023 while that of the US was just 1.1 %. There are far fewer houses per capita available for sale in the US versus Canada, so it's the law of old supply and demand adding its froth in the US