CMA Housing Starts in 2009

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By Elli Davis, January 11, 2010

Canada Mortgage and Housing Corporation (CMHC), has today released a report concerning Housing Starts in the Toronto Census Metropolitan Area (CMA). The report claims that housing starts in the area decreased by 39 percent, to 25,949 units in 2009. In December 2009, the seasonally adjusted annual rate of total housing starts decreased to 19,800 units.

In November, their level was 26,100, it thus means a 24.1 percent decrease. On a positive note, though, single detached houses remained stable, at their highest level of the year, 10,900 units in December. Only multiple-family houses seemed to be problematic. In November, their level of housing starts in CMA was 15,200 units, and it decreased to 8,900 units, signaling a high, 41.4 percent decrease.

The results do not seem to be great. A little setback after all the positive news we have been hearing about Canadian economy and real estate market recovery lately. It doesn't necessarily have to mean worsening of the housing situation, though. As S.Hildebrand, CMHC's Analyst for the GTA said, "despite fewer starts in 2009, high levels of building this decade and a record number of units currently under construction will continue to support a healthy supply of housing in the years to come.”