Rise of Housing Starts
By Elli Davis, March 9, 2010
Photo by Christian Stangier
In February, the seasonally adjusted annual rate of total housing starts grew by 66.3 percent to 34,100 units. That is according to preliminary housing starts data released yesterday by the Canada Mortgage and Housing Corporation.
As said by Shaun Hildebrand, Senior Market Analyst for the GTA from CMHC, “starts for both condo and rental apartment projects in the city provided a boost for new construction in Toronto last month.” The housing starts of multiple family homes increased very significantly, by 242.6 percent, to 20,900 untis. However, there was a 8.3 percent decrease in housing starts of single detached houses – to 13,200 units.
As for bigger geographic areas, results were pretty positive too. Urban starts in Ontario grew by 28.6 percent in February. And generally in Canada, housing starts increased by 6.1 percent to 196,700 units this past month. Good results once again. I mean, isn't 242.6 percent rise just awesome?