12 Jul 2011

Housing starts increase in Canada, led by Ontario

In the latest indication that Toronto is a countrywide leader, the GTA led the way in the number of housing starts last month.

According to the latest numbers released by the Canada Mortgage and Housing Corporation, the seasonally adjusted annual rate of housing starts in the country at large was 197,400 units, 3,000 more than the units started in May.

Bob Dugan, chief economist at CMHC's market analysis center, said the increase can be chalked up to the robust rate of building in Ontario.

"Housing starts increased in June due to an increase in single and multiple starts in Ontario," said Dugan. "The revised numbers show that housing starts have been above their trend line since March. However, we expect housing starts to move back towards levels consistent with demographic fundamentals in the near term."

A significant percentage of the housing starts may have been in Toronto, as the seasonally adjusted annual rate of urban starts in Ontario increased by more than 24 percent.

Of course, it's not known when these properties will be finished, but what's certain is there will be plenty of Toronto storage units available for the eventual owners.

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