Housing Starts In Toronto Steady

Home sweet home by chacrebleu
Home sweet home by chacrebleu

According to Canada Mortgage and Housing Corporation, GTA area housing starts recorded no significant change in housing starts trend in the third quarter. The seasonally adjusted annual rate of total housing starts reached 31,000 homes. Single-detached are down by 30% since the beginning of 2010, but apartments are close to the 10-year average. Row houses are the best performing segment, since the activity returned to the high levels, last seen before the recession.

Sales began to grow in September for the first time since the last February with high-rise development claiming the biggest share of the new home sales. Toronto condos are clearly the market leader for the last few years, fact which was confirmed by adding another 5000 finished units in September.

The whole Canada does not keep the pace with GTA and recorded another decline in projected housing starts with 167,900 units in October 2010 (down from 184,900 units in September). This represents moderate decline from 185,000 units in September. Ontario's drop was the highest in all Canada with 24.5% decline in urban starts (national average is -12.3%).


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