Condo developers speeding up, not slowing down

“The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies," said CMCH Deputy Chief Economist Mathieu Laberge. "This was partly offset by a decrease in multiple starts in British Columbia and Quebec, while single-detached starts decreased marginally country-wide,”

The annual rate of housing starts was 215,600 units in March, according to the federal agency, up 5% over February.

Drilling down, the annual rate of urban starts increased by 4.2% to 192,100 units in March. Urban single starts were down by 2.4% in March to 68,000 units. Meanwhile, multiple urban starts were up by 8.3% to 124,100 units.

March’s annual rate of urban starts increased by 30.3% in Ontario, by 6.4% in the Prairies, and by 2.7% in Atlantic Canada. In each of these regions, the increase was due to multiple starts, but the role of increased multiple starts was most pronounced in Ontario. Although multiple starts in Ontario increased by 50.4%, the pace is exceptional and not expected to be sustained. Urban starts decreased by 27.7% in British Columbia and by 16.3 % in Québec.

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