TORONTO, Source: CMHC
JANUARY 11, 2011 – Preliminary data released today by the Canada Mortgage and Housing Corporation (CMHC) show total housing starts registered in 2010 for the Toronto Census Metropolitan Area increased by 13 per cent to 29,195 units. In December, the seasonally-adjusted annual rate (SAAR) of total housing starts
declined to 17,800 units.
Housing starts in the Toronto CMA showed improvement during 2010 thanks to a rise in demand for new homes, yet remained below annual levels achieved throughout the past decade. "Growth was held back by a reduced supply of available lots for single-detached development and construction delays for many condo projects that opened sales offices in the pre-recession period" said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "The high-rise industry is poised for a strong 2011 with preliminary work well underway at many sites, robust pre-construction sales figures, and a large number of completions making way for new development," added Hildebrand.
The monthly decline registered in December was attributed to a pull-back in high-rise starts following a spike in activity during November and a general downtrend in single-detached starts experienced throughout the year.
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