PesoRama to Raise up to $16.0 Million in a Convertible-Debenture Offering

Market Expectations Around Rate Hikes Inconsistent With Baseline Macroeconomic Fundamentals, says Rosenberg Research

Canadian existing home sales came in line with expectations of a 0.7% month-over-month uptick in April, following a 0.1% dip in March, noted Rosenberg Research.This was the first monthly gain since last October, and took the level back to 35,600 units -- a three-month high, noted Rosenberg Research. But on a year-over-year basis, sales remain down 4% from April 2025, with the trend now on a seven-month losing streak, it also noted."We haven't seen an ongoing stretch like this since late 2022 and early 2023, during the BoC rate hiking cycle," the research said.Rosenberg Research noted the "mild" growth in home sales is also lagging behind the mounting number of new listings in the market -- a 4.1% month-over-month surge to 78,100 units (a six-month high). This has brought the sales-to-new-listings ratio down from 47.1% in March to 45.6% in April, which was the second-lowest level since February 2009. Also, with the supply pipeline exceeding demand, home prices inched down by 0.1% month over month -- now declining for 15 straight months -- while the year-over-year pace, of 4.2% lower, has extended its negative trend to two years."All in, this is clearly not a sign of a robust housing market," said the research, adding: "This is one of the many reasons why the currently priced-in Bank of Canada rate path of nearly two hikes is "inconsistent" with the baseline macroeconomic fundamentals."

Brief: Canada's Unfilled Manufacturing Orders in March Reach New Record High

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

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.