TORONTO’S HOUSING STARTS REBOUND IN MARCH
The seasonally-adjusted annual rate (SAAR) of total housing starts jumped by 36 per cent in March to reach 36,700 units according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC) for the Toronto Census Metropolitan Area (CMA).
“While there are fewer homes being built in Toronto this year, it is encouraging to see that the year-over-year rate of decline in March is significantly lower than in the previous two months,” said Dana Senagama, CMHC’s Senior Market Analyst for the GTA. “Strong condominium apartment starts in the City of Toronto and Mississauga helped to improve overall building activity in March. Going forward, more home buyers are expected to choose condominium apartments over other housing types due to
comparatively lower prices and low mortgage rates.’’
Source: Canada Mortgage and Housing Corporation