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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 670.21-1.1%4:00 PM EST
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To: Johnny Canuck who wrote (43022)2/9/2006 12:04:52 AM
From: Johnny Canuck  Read Replies (1) of 67706
 
Despite forecasts of a downturn, house construction sets new record
Last Updated Wed, 08 Feb 2006 15:12:34 EST
CBC News
Housing starts continue to set new records at a time when forecasters are predicting a slump in housing markets.

In its latest report released on Wednesday, Canada Mortgage and Housing Corp. predicted that housing starts will tail off as soon as the current blip passes.


Home builders just keep on building

FROM MAY 16, 2005: Housing starts seen declining in 2005, 2006

The federal agency said the construction industry started work on 247,900 units across Canada in January, up 6.5 per cent from 232,600 units in December.

Single home starts were particularly strong, hitting their highest level since January 1990.

There were increases in both single-family units and multiples, which includes apartment buildings and condominiums.

And urban housing rose in all regions except British Columbia.

Brent Weimer, senior economist at CMHC's market analysis centre, said the trend in housing starts is consistent with the strong level of existing home sales over the latter half of 2005.

But he expects the trend to moderate in 2006 as higher mortgage rates combine with higher house prices to raise carrying costs to prohibitive levels.
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