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Check after check after check was displayed on screens for a New York jury on Monday carrying Donald Trump’s distinctive signature scrawled with a black sharpie.
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Check after check after check was displayed on screens for a New York jury on Monday carrying Donald Trump’s distinctive signature scrawled with a black sharpie.
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Jun 8, 2016
Reuters
Canadian housing starts dipped last month as groundbreaking slowed in British Columbia, data released on Wednesday showed, which could ease concern that the western province's property market is overheating.
Even with the small decline, national housing starts remained solid at a seasonally adjusted annualized rate of 188,570 units in May from 191,388 in April, the report from the Canadian Mortgage and Housing Corp said.
May's figure was slightly short of economists' expectations for 190,000 units.
The decline was led by fewer multiple starts in urban areas, including Toronto, CMHC's Chief Economist Bob Dugan said.
Groundbreaking also declined in Vancouver. The country's two biggest cities have seen housing activity accelerate even as other areas have slowed due to an oil price shock, raising worries that Toronto and Vancouver could be in for a correction.
The slowdown in both cities in May were due to a decrease in construction of multiple units, which include condominiums, a particular source of concern for those worried about a housing price bubble.
Starts in urban centers in British Columbia declined to 35,312 units, while they edged up slightly to 64,918 units in Ontario. The damping effect of cheaper oil continued to be felt, with starts declining in the commodity-sensitive prairie provinces.
"The key themes in Canadian residential construction remain tucked well below the national surface," Robert Kavcic, senior economist at BMO Capital Markets, wrote in a note.
"That includes regional shifts in the wake of the oil price shock, and ongoing densification in Toronto and Vancouver."
Kavcic said May's figure puts the five-month average for the year so far at just under a 195,000 annualized pace, which is roughly in line with household formation.
Separate data from Statistics Canada showed the value of building permits issued in April fell for the second month in a row on lower construction intentions in Ontario.
Building permits were down 0.3 percent, missing forecasts for a gain of 1.5 per cent after March's 6.3 per cent decline. April marked the first time since February 2015 that the value of permits had dropped for two consecutive months.