Canadian manufacturing sales were up by a much better than expected 1.9% in March, with a 1.4% gain in durable goods. Sales increased in 13 of 21 industries, led by coal and petroleum. Manufacturing inventories fell 1.2% in March.
Some positive numbers out of the U.S. housing sector as new home starts increased 2.6% in April. March figures were given a significant upward adjustment. Y/Y starts were up nearly 30%. Construction of single-family homes – nearly 70% of April starts – grew 2.3%, up 18.8% Y/Y. Multifamily homes with at least two units increased by 3.2% in April. Building permits, though, declined by 7% in April.
In Europe, Eurozone inflation eased back a notch to 2.6% in April, down from 2.7% in March. Core inflation held steady at 1.6%.
Tags: Commercial, Mortgages, Apartment, Multi-family, Financing, Lending, Canada, Vancouver, Calgary, Montreal, Toronto, Halifax, CMHC