Canadian homebuilding beats expectations in May

TORONTO — Canadian housing starts picked up more than expected in May and April was revised higher, suggesting housing will contribute to economic growth in the second quarter after a harsh winter put the brakes on construction, data released on Monday showed.A report from the Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts rose to 198,324 in May from an upwardly revised 196,687 units in April. That surpassed analysts’ expectations for a May reading of 185,000.“Activity is picking back up to its pre-winter trend, another sign that it was the weather and not a fundamental slowdown that dampened Canadian growth in the last few months,” Bill Adams, senior international economist for PNC Financial Services Group, said in a statement.“The trend so far in 2014 looks to be another year of activity more or less on par with 2013, and markedly lower than before the mid-2012 tightening of Canadian mortgage underwriting standards.”While housing starts are within a healthy range now, a significant increase in months to come could catch the attention of Ottawa policymakers, said BMO economist Robert Kavcic.“Canadian homebuilding activity has firmed up after a volatile winter. While current levels of starts are still within the range supported by fundamentals, a significant and sustained upward move from here could turn policymakers’ heads,” he said in a note Monday.Canada’s housing market has risen unsteadily for the last five years and appears to be settling down for a soft landing, with housing starts slowing from red-hot 2012 levels in 2013 and maintaining the slower pace so far in 2014, on average.The strong showing in April and May is likely a rebound from a weather-related slump in the winter, and took the two-month average 12.9 percent higher than the 175,000 recorded in the first three months of 2014, RBC economist Laura Cooper said in a research note.“In the near-term, this rebound in residential investment is expected to lift overall GDP growth in the second quarter; however, with the weather-related volatility having likely now run its course, we anticipate that the pace of new home construction will cool once again over the second half of this year to levels similar to that averaged over the first half,” Cooper said.May’s strength came from the single-detached housing sector, where starts rose 5.4%, as construction of multiples — typically condos — edged 0.8% lower.The gains were fairly broad-based across the country, with starts in Quebec, British Columbia and the Atlantic region rising strongly, while Ontario was flat and the Prairies were lower. © Thomson Reuters 2014 read more

Kanye is back on Twitter and hes paying his respects to Steve

first_imgComparing Jobs to people such as Dr Martin Luther King seems fair enough, really.I mean, while King didn’t make the same technological advances, he did do some good in the world. Mr West has finally acknowledged this. Now maybe the world will too.But back to Jobs. RESPECT HIS LEGACY BY NEVER COMPROMISING ON OUR FUTURE is the way to go, apparently.We have no idea how this can be achieved, however, as that is his last tweet on the matter.C’mon Kanye, lead us.Oh yeah, the one person he is following is girlfriend Kim Kardashian. She usually tweets some interesting stuff…I think the Hulkster has one or two ideas…Read: Here’s how Kanye West expresses true love for Kim Kardashian > YO YO YO, etc.When he deleted all his tweets and left us with the solitary, shouty BE BACK SOON, we didn’t know where to look and what to do.His shy, self-deprecating messages had been a lesson in how one man could stay grounded, never straying from the everyman persona we knew and loved.Anywho, West came back on Saturday to pay his dues to a fallen hero of his, Steve Jobs.After a sleepless few nights, the great one has given us a reason to live, love, and maybe even tweet again.The gift that keeps on giving is back!last_img read more