The number of homes beginning construction in the metro-Toronto area in September declined markedly on a monthly basis, the Canada Mortgage and Housing Corporation reports.
Both multifamily and single-family home starts decreased from August, which may indicate the GTA's real estate sector is slowing down somewhat. More than 10,000 single-family residences began construction in September, while slightly more than 22,000 multifamily properties broke ground.
Overall, the rate of housing starts reached its lowest point in 2011. However, an analyst with CMHC doesn't seem too concerned by this development.
"The moderation in new home construction was welcomed following prior levels that were higher than expected population requirements", said CMHC senior market analyst for the GTA Shaun Hildebrand. "Housing development in Toronto should stabilize near current levels as strong demand for condo ownership and rentals offsets challenges associated with low density land supply."
Construction crews tend to have numerous tools and other items lying around when working on the job site. Should they decide to get a storage unit to store these objects, they could ensure no high-priced tool gets lost.