This is the latest report by CMHC regarding the new homes market, there is a dichotomy!
This is likely my final post for 2008. I wish you a Happy New Year and all the best to you and your family in 2009.
New Home Market
Housing Starts Moderate
The seasonally-adjusted annual rate (SAAR) of total housing starts dipped below trend in November for the Toronto Census Metropolitan Area (CMA).
In response to higher home prices, comparatively less expensive high-rise home types have been increasingly popular.
Total home starts on an unadjusted basis were almost 25 per cent above last year’s level for the January through November period. Condominium apartment starts remained the driver – up by over 130 per cent.
Starts for all low-rise housing types were down compared to the same period last year, while apartment starts were up.
The dichotomy between high-rise and low-rise home construction remained in place year to- date through November.