Canada: Housing starts for November are expected to slow - TDS

Canada’s housing starts for November are expected to slow by both TD and the wider market and analysts at TDS are looking for a below-consensus moderation to a 210k pace from 223k in October (market: 213k) on a pullback in multi-unit starts.

Key Quotes

“A cold snap of weather will serve as a headwind to construction for November and employment data showed a contraction in hours worked. Capacity utilization for Q3 is only other release and while this report is often overlooked by markets, it may receive more attention now that the economy is operating near full capacity. Capacity utilization reached 85% in Q2, which is the strongest reading since the financial crisis.”