A couple of news worthy announcements were made today:
- The Bank of Canada had the opportunity to change its key overnight lending rate today. However, they choose to hold their rate steady at 4.25%. This rate has a major impact on mortgage rates. It was the first time rates did not change after seven consecutive quarter-point rate hikes that began last September. Thus the immediate outlook will see mortage rates remaining constant.
- Canada Mortgage and Housing (CMHC) released the monthly figures for housing starts for *Ontario* and for *Toronto*. While housing starts are down from where they were a year ago, they are still strong. The seasonally adjusted starts increased to 43,000 annually, from 40,000 annually a month ago. New construction of single detached homes along with semi-detached homes and townhouses are seeing the most decline. Stacked townhouses and apartment condos are leading the way, with the number of starts up 18% since a year ago.