8 Apr 2011

Greater Toronto area sees 17 percent rise in housing starts in March

If storage units in the Greater Toronto area were hard to come by in March, there’s a reason: More people were moving to the region.

According to the Canada Mortgage and Housing Corporation, the seasonally-adjusted annual rate of total housing starts for the city’s metropolitan area increased 17 percent in the month of March, rising by 44,000 units.

Shaun Hildebrand, CMHC’s senior market analyst for the GTA, said condominiums sold particularly well.

“Housing starts data for Toronto continues to display divergent trends for single detached and high rise construction,” said Hildebrand. “Growth was again derived from the condo sector, which showed greater diversity last month as over 40 percent of condo starts occurred in the [Greater Toronto area].

Economists have predicted a market slowdown this year, but as of yet, there’s no indication that fewer people are moving to the area. A recent report from one of Canada’s leading real estate organizations found there was a 5 percent increase in home sales this past quarter. Other regions of the country where home sales have also been increasing include Saskatoon, Greater Vancouver and Winnipeg.

Be Sociable, Share!

Related Articles [3]

5 Tips To Help You Downsize To A Smaller Home

December 15th, 2015
Sometimes life events bring with them the need or desire to opt for a smaller living space. Unfortunately – though not always – this entails either getting rid or moving...

Toronto home sales jump in July

August 5th, 2013
The latest report from the Toronto Real Estate Board showed that home sales in the greater Toronto area were up 16 percent in July on a year-over-year comparison, marking...

Home prices on the rise in Toronto

July 25th, 2013
A recent report from Remax Ontario-Atlantic Canada indicated that home prices in a number of Toronto neighborhoods are averaging more than $1 million.According to the report,...

Leave a Comment

Recent Posts Blog Categories Archives Subscribe to RSS Feeds
Essential SSL