The pace of residential construction and family formation
For most of the 2000s, the pace of residential construction vastly outpaced that at which Canadians were forming new families — a clear sign of an overheating market. However, housing starts now appear to be falling in line with household formation. Though this is likely a sign that Ottawa's efforts are working, a steeper fall in housing starts would be bad news for the economy, as construction accounts for a significant chunk of Canadian jobs and residential investment as a share of GDP is at an all-time high.