Housing starts gain as Toronto builds more condos

New condos being built in the City of Toronto helped boost the 6-month average trend measure of Canadian housing starts in June but the national picture was less rosy. Figures from the Canada Mortgage and Housing Corp. reveal 197,918 starts in June compared to the trend measure of 190,302 in May.

“Overall, June saw housing starts pick up pace in Canada, bolstered by apartment construction in Ontario – especially new condo construction in Toronto’s downtown core,” said Bob Dugan, CMHC Chief Economist. “However, elsewhere in the country, construction activity slowed as apartment construction eased in Quebec. Housing starts are also trending down in Alberta as a result of high inventories in the new and existing home markets of that province.”

The standalone monthly seasonally adjusted annual rate of starts for June was 218,333 units, up from 186,709 in May. Urban starts increased 18.1 per cent with multiple units gaining 26.7 per cent and detached homes just 1.7 per cent higher. Urban starts increased in British Columbia, Ontario, and in the Prairies, but decreased in Atlantic Canada, and Québec.
 

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