This is the latest news from CMHC on the New Home Market
Housing Starts Continue to Rise in October
Total housing starts in the Greater Toronto Area (GTA) reached 3,606 in October, the highest level so far this year. Despite the rise in October, year-to-date housing starts are off 42 per cent compared to the same period last year.
Housing starts spiked in 2008 thanks to strong demand for condominium apartments in the 2005- 2007 period, which dampens annual growth comparisons for total starts this year.
Semi-detached homes have proved most resilient in 2009, with year-to-date starts down by a much more moderate 14 per cent.
Housing starts have risen for the third consecutive month in the GTA.
Gains in the apartment segment – both condominium and rental – have led the increase in recent months.
Rental apartment starts this year are nearly twice the level reached in 2008. On the condominium side, improving economic and credit market conditions are beginning to help larger projects get off the ground.
Strong sales levels in the new home market over the past few months will add momentum to housing starts in the GTA going forward.
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A. Mark Argentino
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