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

Canada’s Thanksgiving-shortened week still packs several key developments for the housing market and interest rate outlook.

Builders, buyers and policymakers will all come under the spotlight through a series of data releases and central bank appearances that could help shape expectations for the Bank of Canada’s next rate decision on October 29.

Scotiabank economist Derek Holt notes that the latest housing figures will test whether August’s slowdown in construction is the beginning of a softer trend. “Housing starts in September will inform whether the pull-back to a still respectable 246,000 seasonally adjusted annualized rate level in August was the start of a new trend or not, following four months of readings closer to 300,000,” Holt wrote.

He added that existing home sales “have been on a four-month winning streak,” making Wednesday’s update a key data point for gauging the health of the resale market as interest rates ease.

At the same time, both Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers are set to deliver speeches that could offer policy insight. Holt expects Macklem to “take the fight straight into Washington” during his Thursday appearance at the Peterson Institute for International Economics, with likely discussion of trade tensions, tariffs and Canada’s financial stability outlook.

Here’s what to keep an eye on:

Tuesday, Oct. 14 – Building permits and Carolyn Rogers speech

Statistics Canada’s August building permits report will offer a first look at how developers are positioning for the months ahead. July saw a marginal 0.1% decline, with multi-unit projects continuing to dominate as affordability challenges steer buyers away from single-family homes. Another soft reading would point to continued caution despite easing mortgage rates.

Later in the day, Senior Deputy Governor Carolyn Rogers speaks at the B.C. Business Summit on productivity and competition.

Thursday, Oct. 16 – Housing starts, existing home sales and Governor Macklem

Thursday is the big housing day. CMHC’s housing starts data will show whether August’s pullback to 246,000 annualized units marked the start of a slower construction phase or simply a pause. CREA’s existing home sales for September will also be released, offering insight into how buyers are responding to lower borrowing costs and improving sentiment.

Later that afternoon, Governor Tiff Macklem speaks in Washington, D.C., at the Peterson Institute for International Economics. His comments on Canada’s trade position, inflation progress, and monetary outlook could influence market pricing for the Bank’s next decision.

Friday, Oct. 17 – U.S. housing indicators

South of the border, the U.S. will release housing starts and building permits for September, providing a broader read on North American construction trends. Starts are expected to rise modestly to around 1.32 million units, while permits are seen steady near 1.35 million.

Week of October 13, 2025