FINWIRES · TerminalLIVE
FINWIRES

Canadian Housing Starts Rise More Than Expected in April as Toronto, Montreal Jump

By

The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada increased 17% in April to 279,317 units compared with March, said the Canada Mortgage and Housing Corporation (CMHC) on Friday.

April's increase was better than the 245,000 consensus figure provided by MUFG.

Among Canada's three biggest CMAs, Toronto posted a 34% year-over-year increase in actual housing starts this month, driven by higher multi-unit, noted CMHC. Montreal starts increased 21% due to higher multi-unit starts. Vancouver recorded a 30% decrease due to lower multi-unit and single-detached starts.

The six-month trend in housing starts was higher in April, with an increase of 3.2% to 256,777 units, according to CMHC. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada.

New to Friday's release, CMHC published building permit data and additional data from the Starts and Completions Survey (SCS). This includes approved units awaiting housing start, as well as the under-construction inventory and the number of units completed. These indicators show a complete view of the residential construction pipeline and are available for centers with a population of 50,000 or more.

"Building permits provide an early signal of future residential construction activity, while housing starts capture construction that has begun and offer the best indication of future housing supply," said Mathieu Laberge, CMHC's chief economist. "Together, these measures show how development intentions translate into real construction activity, providing a more complete picture of the residential construction market's trajectory."

The rural starts monthly SAAR estimate was 13,694 units.

Related Articles

Treasury

McEwen Copper Appoints Societe Generale as Financial Advisor for Project Debt Financing of Los Azules

McEwen Copper (MUX.TO, MUX) on Thursday said it retained Societe Generale to act as its sole financial advisor in connection with project debt financing of the company's Los Azules copper project in Argentina.Societe Generale will lead the structuring and arrangement of a senior debt package to fund the construction of the project. Its scope of work spans both preparatory and implementation phases and includes development of the financing strategy; coordination of lenders' technical, market, environmental and social, insurance, audit and tax due diligence; preparation of the lenders' information package; and assistance with the negotiation."Bringing Societe Generale on board marks a significant step in advancing Los Azules toward construction," said Michael Meding, managing director of McEwen Copper. "Societe Generale's global project finance platform and long-standing relationships with the export credit agency, multilateral and commercial banking community make them an ideal partner to help us assemble a robust, competitively priced debt package for one of the world's largest undeveloped copper projects."Shares of the company closed down $1.59 to $33.91 on the Toronto Stock Exchange.

$MUX.TO
Treasury

US Treasury Closing Levels

3:00 Thursday vs 3:00 Wednesday2yr 99-17+ vs 99-18; 3.990% vs 3.988%5yr 98-29 vs 98-27; 4.119% vs 4.128%10yr 99-10 vs 99-05; 4.459% vs 4.478%30yr 99-25+ vs 95-14; 5.011% vs 5.045%2/10 46.701 bps vs 48.902 bps5/30 89.036 bps vs 91.576 bps

Treasury

Badger Infrastructure Solutions Closes C$300 Million Senior Unsecured Note Offering

Badger Infrastructure Solutions (BDGI.TO) closed a private-placement offering of $300 million aggregate principal amount of 5.375% senior unsecured notes due May 14, 2031, the company said on Thursday.The company will use proceeds to repay indebtedness under its credit facilities, including its term facility."We are very pleased with the strong support from our new Canadian fixed income investors in our inaugural note offering," said Rob Dawson, Badger's Chief Financial Officer. "With this successful financing complete, Badger remains well positioned to continue its strategy of investing for growth while maintaining a strong balance sheet."The company's shares were last seen up $1.19 to $82.11 on the Toronto Stock Exchange.Price: $82.05, Change: $+1.13, Percent Change: +1.40%

$BDGI.TO