Mortgages and Finance

This week’s economic calendar: Housing data, BoC survey, and more

Article Summary

Next week brings key Canadian economic releases, shedding light on housing, lending conditions, and overall economic momentum. Housing starts and building permits will provide insights into construction trends, while the Bank of Canada’s Senior Loan Officer Survey will offer details on lending conditions. Existing home sales and the MLS Home Price Index will also be released, following a continued cooling trend in Canada’s resale housing market.

What This Means for You

  • Stay informed about housing and economic trends, which could impact your mortgage and real estate decisions.
  • Monitor fluctuations in housing starts, building permits, and lending conditions, as they may affect affordability and access to credit.
  • Consider consulting a mortgage professional for personalized advice, given the current economic context.
  • Keep an eye on the broader economic outlook, as it can influence interest rates, employment, and overall financial stability.

Original Post

Next week brings a few key Canadian economic releases that will shed light on housing, lending conditions, and overall economic momentum.

This week’s economic calendar has a few key housing numbers to watch, including housing starts and building permits. These reports offer a first look at construction trends and can hint at how developers are feeling about the market, especially as higher mortgage rates continue to weigh on demand.

We’ll also get a read on business lending conditions through the Bank of Canada’s Senior Loan Officer Survey, which will shed some light on how tight or loose credit is right now—a key factor as businesses navigate ongoing economic uncertainty.

Thursday, May 15 – Housing Starts (April, 8:15 a.m. ET)

Housing starts offer an early look at new residential construction, a critical part of the housing market and a key indicator of broader economic health.

In March, the total value of residential building permits fell 8.3% to $6.5 billion, driven by sharp declines in Ontario (-13.7%), though a few provinces, like Quebec (+7.3%) and Saskatchewan (+10.3%), posted gains.

This pullback suggests that builders may be slowing new projects as higher borrowing costs weigh on affordability. However, the longer-term trend remains mixed, with 260,200 new units authorized over the past 12 months. (Consensus forecast for April: 235,000 SAAR)

Wednesday, May 14 – Building Permits (March, 8:30 a.m. ET)

Building permits are a leading indicator for future construction and economic activity. In February, the total value of building permits issued in Canada rose 2.9% to $13.1 billion, driven by a strong rebound in the non-residential sector. British Columbia led the gains, with a $657.7 million surge in non-residential permits, thanks largely to major projects in the Vancouver area. The commercial component added $390 million, while institutional permits climbed $248.8 million.

On the residential side, however, permits fell 2.9% to $8.4 billion, as declines in multi-family projects in British Columbia (-$185.5 million) and Quebec (-$131.5 million) offset gains in Ontario (+$110.2 million). Nationally, the number of new multi-family dwellings authorized dropped to 21,000 units, down 7.1% from January, while single-family homes totalled 4,800 units.

Friday, May 16 – BoC Senior Loan Officer Survey (Q1, 10:30 a.m. ET)

This quarterly survey captures insights into lending conditions and loan demand in the Canadian financial system. The Q4 survey pointed to tighter lending standards and cautious credit demand, reflecting heightened economic uncertainty.

Thursday, May 15 – Existing Home Sales and MLS® Home Price Index (April, 9 a.m. ET)

Canada’s resale housing market

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Last modified: May 11, 2025

Key Terms

  • Housing starts, Building permits, Loan Officer Survey, Existing home sales, MLS Home Price Index, Economic indicators, Lending conditions



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