Canada: Focus on housing data – TDS

Analysts at TDS suggest that a trio of lower tier housing indicators for Canada will be overshadowed by an Economic Progress Report by Bank of Canada Deputy Governor Tim Lane, which is part of a new series of speeches to improve transparency around non-MPR policy decisions.

Key Quotes

“Lane's speech will be released at 15:35 ET and a press conference will follow shortly afterwards. On the data front, TD looks for a modest pickup in February housing starts to a 220k pace, slightly above the market consensus for an unchanged 216k. January building permits will be published shortly afterwards and the market looks for a 1.5% pullback. Lastly, the market consensus is for a 0.1% m/m increase in the New House Price Index for January, which would leave the year-ago rate unchanged at 3.3%.”