8 Mar 2011

Once again, housing starts increase in Toronto

It's becoming somewhat redundant, but there's more good news to report in the Ontario housing market. On the heels of a prosperous January for housing starts in the Toronto area, the Canada Mortgage and Housing Corporation reports that total housing starts increased by 49 percent to a seasonally-adjusted annual rate of 38,000 in February.

"The condominium segment is shaping up to be the engine of growth for the construction industry in Toronto this year," said Shaun Hildebrand, CMHC's senior market analyst for the Greater Toronto area. "The rising number of condo starts and completions reflects a growing preference for this housing type among first-time buyers, downsizers and renters."

Because the CMHC says condo sales are also high among those who are downsizing, it's likely that more Toronto storage units will be purchased, as homeowners use alternative locations to store their belongings after moving into tighter quarters.

Housing starts have been on an upward trend for several months now in Toronto, but market analysts expect the real estate market will tail off as the year progresses due to tighter mortgage restrictions and diminishing demand.

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