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Tag Archives: condo apartment

Canada’s housing construction still booming, thanks mostly to condos

Canada’s surprisingly resilient high-rise condo sector is being credited with pushing housing starts in May far higher than expected.

Toronto Star

Canada’s high-rise condo sector remains surprisingly resilient a year after the housing market started to soften, and it’s being credited with pushing housing starts in May far higher than expected.

Starts beat analysts’ expectations at 200,000 in May — up from just under 176,00 in April and considerably higher than the widely anticipated 175,000 units.

While still down overall from last year when sales started slumping in the face of fears about the housing market and tighter mortgage lending rules, high-rise condo construction starts came in 22% higher in major urban centres in May compared with April.

Comment: Like in the resale market, everyone is getting used to the new lending rules and we are getting back to business as usual.

Single-family home construction was far more subdued and saw just a 3% increase month over month, according to figures released Monday by the Canada Mortgage and Housing Corporation.

The gains were mainly in Ontario, where urban areas saw an almost 70% jump in starts in May over April.

Starts in the Toronto Census Metropolitan Area, came in at 34,386 last month, up from 33,777 in April.

“With the condo apartment construction market opening the year on a softer note, the backlog of condo units sold for the most part in 2011, but not started, resulted in stronger numbers in May. This, in tandem with low-rise homes (singles, semis and rows), pushed total housing starts higher,” said Ted Tsiakopoulos, Ontario regional economist for CMHC.

Starts were also up in rural areas, but by a more modest 7.5%, noted Scotiabank Economics.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.

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