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Tom YU
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7181 Woodbine Avenue, Suite 108, Markham, Ontario, L3R 1A3
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BLOG / NEWS Updates
Statistic Canada: Investment in building construction, December 2024
Overall, investment in building construction rose 1.9% (+$408.1 million) to $21.8 billion in December, with gains recorded across all components. The residential sector grew 2.2% to $15.1 billion while the non-residential sector was up 1.3% to $6.7 billion. Year over year, investment in building construction grew 4.7% in December.
On a constant dollar basis (2017=100), investment in building construction increased 1.5% from the previous month to $13.0 billion in December and was up 1.6% year over year.
Multi-unit component drives residential sector gains in December
Investment in residential building construction was up 2.2% (+$323.9 million) to $15.1 billion in December.
Single family home investment edged up 0.8% (+$60.7 million) to $7.3 billion in December, marking its fifth consecutive monthly increase.
Investment in multi-unit construction rose 3.5% (+$263.2 million) to $7.7 billion in December, rebounding from two significant and consecutive monthly declines.
https://www150.statcan.gc.ca/n1/daily-quotidien/250213/dq250213a-eng.htm
CREA: New Listings Jump to Start 2025 as Tariff Uncertainty Weighs on Sales
Canadian MLS Systems posted a double-digit jump in new supply in January 2025 when compared to December 2024. At the same time, sales activity fell off at the end of the month, likely reflecting uncertainty over the potential for a trade war with the United States.
Although sales were down 3.3% on a month-over-month basis in January, this was mostly the result of sales trailing off in the last week of the month.
Meanwhile, the number of newly listed homes increased with an 11% jump compared to the final month of 2024. Aside from some of the wild swings seen during the pandemic, this was the largest seasonally adjusted monthly increase in new supply on record going back to the late 1980s.
The standout trends to begin the year were a big jump in new supply at an uncommon time of year, as well as a weakening in sales which only showed up around the last week of January, said Shaun Cathcart, CREAs Senior Economist. The timing of that change in demand leaves little doubt as to the cause uncertainty around tariffs. Together with higher supply, this means markets that had been steadily tightening up since last fall are now suddenly in a softer pricing situation again, particularly in British Columbia and Ontario.
https://www.crea.ca/media-hub/news/fourth-quarter-housing-data-hints-at-home-sales-rebound-for-2025-2/
NBC Housing Market Monitor: Uncertainty weighs on home sales in January
Summary
Home sales decreased by 3.3% between December and January, the second monthly contraction in a row, which can be explained by a slowdown in transactions in the last week of January.
On the supply side, new listings surged by 11.0% compared to December, the first increase in four months and the biggest jump since February 2022 (rebound following Omicron wave).
Active listings jumped by 4.2% from December to January, the second monthly advance in a row. Combined with the decrease in sales, the number of months of inventory (active listings-to-sales) increased for the second consecutive month, moving from 3.9 in December to 4.2 in January.
Market conditions loosened during the month but remained tighter than their historical average in most provinces, while they remained balanced in B.C. and were in favourable to buyers territory in Ontario.
Housing starts increased by 3% (+7.2K) in January to 239.7K (seasonally adjusted and annualized), a print below the median economist forecast calling for 252.5K units. The monthly gain was driven by an increase in both urban (+5.6K to 220.6K) and rural (+1.7K to 19.1K) starts. Starts were up in Montreal (+17.8K to 31.4K), Toronto (+17.2K to 29.1K), and Calgary (+0.4K to 21.4K), while they were down in Vancouver (-4.1K to 25.0K) from December to January. On a provincial basis, starts were up the most in Quebec (+16.6K to 58.4K), Nova Scotia (+2.8K to 8.2K), Alberta (+1.4K to 44.8K), and P.E.I. (+1.2K to 2.5K), while they saw the biggest decrease in Ontario (-6.4K to 57.0K), B.C. (-6.5K to 39.0K) and New Brunswick (-3.1K to 1.7K).
The TeranetNational Bank Composite National House Price Index remained stable from December to January after seasonal adjustment. Seven of the 11 markets in the composite index rose during the month: Quebec City (+3.2%), Halifax (+0.9%), Calgary (+0.8%), Ottawa-Gatineau (+0.6%), Victoria (+0.6%), Edmonton (+0.6%) and Montreal (+0.4%). Conversely, prices fell in Winnipeg (-1.5%), Hamilton (-1.4%) and Vancouver (-0.6%), while they remained stable in Toronto.
https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf