(Source: Winnipeg Sun)

At least two of Canada’s big banks have found encouraging signs in the country’s housing market, one financial and the other social. A commentary from TD Economics on Thursday said there are encouraging signs that a bottom may be forming under the Canada’s depressed homebuilding market, citing an 8% increase in housing starts in June on top of a 10.8% increase in May.

Although homebuilding activity overall remains one-third below the pace of a year ago, the report prepared by TD economist Pascal Gauthier noted that the June climb “marks the second consecutive monthly increase in starts after a long string of nearly uninterrupted slides that started last fall.” On a regional basis, June’s urban starts increase was lead by a 59.4% surge in the Prairie region, followed by a 25% gain in B.C., and a more modest 3.1% increase in Ontario.

Read the full article by B.H. MckennaScotiabank: Immigrants driving force in real estate” in the Winnipeg Sun (July 9, 2009).

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