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Mixed signals on CMHC housing data

By MoneyWay | Jun 8, 2020

Today the Canada Mortgage Housing Corporation released May’s housing data based on a two-stage method. The annual pace of housing starts . excluding Quebec, in May fell 20.4% versus April, Quebec wasn’t included due to the pandemic. However, when you do add Quebec, housing starts overall increased 16% nationally.

U.S. equities are still on an uptrend, some analysts are afraid that the stock markets are moving too far ahead of the economy, while states and provinces are reopening, analysts will admit that this is bullish, perhaps market sentiment is a bit overdone.

Canada Covid-19 recovery plans are different from province to province, based on each province’s virus numbers. British Columbia was well ahead of the curve and has been able to go stage 2 openings allowing restaurants and businesses that have close person to person dealings, i.e. hairdressers, massage therapists, to reopen on a partial basis. Provincial travel is starting to open up, whether inter-provincial travel is allowed depends on each province.  

Currently             Close                     Range

USDCAD               1.3370                   1.3422                   1.3370-1.3439

EURCAD               1.5105                   1.5155                   1.5100-1.5178

GBPCAD               1.6977                   1.7004                   1.6926-1.7067

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