Canadian housing starts entered positive territory for the first time in six months in March, but analysts say the rebound might be short-lived as the new home market braces for more turmoil.
Starts were up by a greater-than-expected 13.7 per cent in March to 154,700 annualized units, from the preceding month’s nine-year low, according to figures released yesterday by the Canada Mortgage and Housing Corp.
“While no doubt a pleasant surprise, we wouldn’t read too much into (the) rebound in starts,” BMO Capital Markets economist Doug Porter said in a note.
“The housing sector is still trying to find a bottom.”
