Canadian housing starts slowed further in March ...Middle East

The March reading is an 11.6% decline from a year ago with Vancouver starts down 59% and Toronto starts down 65%. In contrast, Montreal starts were up 138% y/y.

I've been closely watching Toronto real estate for signs of broader weakness beyond condos. Here is a good chart from Robert Marsiglio showing active homes for sale in the Toronto area excluding condos. Inventory is up 65% y/y and this week the broke above the peak from last year. Seasonally, this should continue to rise through summer.

This article was written by Adam Button at www.forexlive.com.

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