CMHC reports on TORONTO HOUSING STARTS MODERATE IN NOVEMBER 2008

This is CMHC's report on the housing starts in Toronto area.

TORONTO’S HOUSING STARTS MODERATE IN NOVEMBER

issued TORONTO, DECEMBER 8, 2008 –

The seasonally-adjusted annual rate (SAAR) of total housing starts dipped below trend in November, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC) for the Toronto Census Metropolitan Area (CMA).

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.

“The seasonally adjusted annual rate of home starts dipped in November, in part because of the volatile condominium apartment market segment in the GTA,” according to Jason Mercer, CMHC’s Senior Market Analyst for the GTA. “In line with the CMHC forecast, total starts year-to-date are up strongly compared to the first eleven months of 2007.’’

Source: Canada Mortgage and Housing Corporation

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