Housing starts in Toronto picked up their pace significantly in July 2016, according to the latest data released by the Canada Mortgage and Housing Corporation (CMHC).
A combination of stronger condo construction and increased intentions for row houses propelled last month’s housing starts in the Toronto Census Metropolitan Area up to 43,201 units, reported The New Home Buyers Network
This figure was considerably above the trend of 40,930 starts in June, and accompanied the proportionally similar month-over-month increase nationwide (197,847 units to 201,936).
“This reflects continued strong demand for lower-priced homes and low inventories of completed and unsold new units,” CMHC deputy chief economist Aled ab Iorwerth said.
“Single-detached home starts [in Toronto] continued to trend strongly in July as a result of stronger sales in the new home market since the end of last year. Limited resale listings led buyers to purchase pre-construction units that are now underway,” CMHC principal market analyst (GTA) Dana Senagama added.
After Toronto, Markham had the most starts, with majority being condo intentions. Brampton saw the third highest number of starts, with an increase in row and single starts.
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