8. May 2012 05:33
Canadian housing starts surged past expectations in April, jumping up by 14% over March. Multiple units led the way. The latest CMHC figures show housing starts at a seasonally adjusted, annualized rate of 244,900 units, compared with 214,800 in March. The March figure was revised down by 800 units. The April forecast had been for 202,000 starts.
The markets appear to be trying, at least, to put on a brave face as they stare into the abyss of another possible collapse in Greece. The New Democracy Party, which took the most votes in the weekend election, hasn’t been able to hammer out a coalition government. The second place finishers, known as the Radical Left Coalition, or Syriza, now get a chance. Bond yields are marching upwards in Greece, Spain and Portugal. Short term treasuries in Greece are now paying 4.69% interest, compared to 4.55% last month.