Mississauga Real Estate, Homes, TREB & MLS Blog by Mark Argentino: CMHC Reports that Toronto Housing Starts Remain Strong in October

Monday, November 10, 2008

CMHC Reports that Toronto Housing Starts Remain Strong in October

CHMC (Canada Mortgage and Housing) reported that Toronto Housing Starts Remain Strong in October

TORONTO’S HOUSING STARTS REMAIN STRONG IN OCTOBER

TORONTO, NOVEMBER 10,

2008 –

The seasonally adjusted annual rate (SAAR) of total housing starts fell by 11 per cent to 46,200 in October from the previous month, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC) for the Toronto Census Metropolitan Area (CMA).

After edging lower, the annual rate of home starts still remained well above the average for the past three years.

Total housing construction on an unadjusted basis remains strong so far this year with starts up by 31per cent compared to the same time period a year earlier. Condominium apartment starts continue to drive new home construction.

"Condominium apartment starts continued to be much higher than last year’s levels through October," says Jason Mercer, CMHC’s Senior Market Analyst for the GTA.

"This strongest level of condominium apartment construction on record has resulted in a substantial jump in total new home construction this year.’’