Toronto Housing Starts Down

November stats released by the Canada Mortgage and Housing Corporation showed 25% decline of the annual rate of total housing starts (seasonally adjusted). There were 25,500 new units in the GTA.

Shaun Hildebrand, CMHC's analyst, pointed on the volatility of apartment starts, which ceased three months lasting period of overall housing starts increases. Single-detached starts are on the opposite site – they reached record high number in November (10,300 units).

Year-to-date housing starts reached 24,229 units, 38.9% down from the 39,647 in the same period of 2008. Demand for homes is booming in recent months, but resale items from MLS are still fine in covering this demand and investors realize that the boom will probably finish after the expected interest rate change in the next year.

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