The latest repot from the Canada Mortgage and Housing Corporation showed that housing starts in the Toronto metropolitan area came in at 34,386 in May, up from 33,777 in April.
The increase bodes well for the housing market as a whole, specifically buyers looking for a new home. Those considering a home move in the Toronto area should look into how self storage can help streamline the moving process. Units are available to make a home move easy and stress-free.
Experts attributed these increase to the resilient condominium sector, as condo construction starts were up 22 percent in May on a month-over-month comparison.
"With the condo apartment construction market opening the year on a softer note, the backlog of condo units sold for the most part in 2011, but not started, resulted in stronger numbers in May," Ted Tsiakopoulos, Ontario regional economist for CMHC, told the Toronto Star.
As for Canada as a whole, home starts hit 200,000 in May, up from nearly 176,000 in April.
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