CMHC says annual pace of housing starts, excluding Quebec, down in May

to 132,576 in May compared with 166,477 in April as the pace of starts in Ontario slowed 40 per cent.

It said home construction in Quebec resumed on April 20 and it resumed the survey in the province in May.Including Quebec, the annual pace of housing starts rose to 193,453 for May. TD Bank economist Rishi Sondhi said homebuilding has generally remained resilient in the face of the pandemic. "In addition, most provinces didn't shutdown their construction sectors in response to the outbreak.""Permit issuance pulled back sharply in April, which could flag near-term weakness ahead. Looking further out, the prospect of significantly slower population growth in coming quarters dims the medium-term prospects for homebuilding."

Yes, and for some reason new car production and airline travel was down too, weird...

Yet a house on our street sold in two days, well over asking.

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