Wednesday, June 04, 2008

CMHC report on New Home Market Condominium Apartment Starts on the Rise

New Home Market Condominium Apartment Starts on the Rise

Condominium apartment starts
dominated new home construction
during April in the Greater Toronto
Area (GTA). Pre-construction
condominium apartment sales from
the last two years continued to
convert into strong housing starts
last month.


On an unadjusted basis, total housing
starts through the first four months
of 2008 were up by approximately
47 per cent compared to the same
time period a year earlier. Condominium
apartment starts were
nearly three times the levels compared
to the same time period a year earlier. Low borrowing costs and
steady job growth in the past couple
of years induced more homebuyers
to purchase condominium apartments
at the pre-construction stage.
The lower price tag for condominium
apartments, compared to
that of more expensive singleconstruction
of this housing type
has become less popular, CMHC’s
2008 Renovation and Home Purchase
Survey found that single-detached
homes have remained the housing
type of choice for many households.
detached homes, was especially
attractive to first time buyers.
Single-detached home starts remained
virtually unchanged on a
year-over-year basis, edging lower by
less than half a per cent for the first
four months of the year. While the construction of this housing type has become less popular.

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