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Housing Starts
ONTARIO HOME STARTS INCH LOWER IN APRIL
Toronto - Ontario new home construction activity remained strong for a fourth consecutive month. Preliminary Seasonally Adjusted Annual Rate (SAAR) of urban* home starts edged lower to 73,000 units, down 5.4 per cent from 77,200 units in March. Both single detached and multi-family home construction eased in April. While new home starts moderated from March levels, most major markets across Ontario saw increases in activity from the same month one year ago.
The longer term trend for Ontario housing starts has been one of high starts levels gradually edging lower from peak levels in 2003-04. However, actual urban Ontario home starts for the year are 33 per cent higher compared to 2007.
“Despite slowing demand in the broader housing market, new home starts continue to defy gravity thanks in large part to strong residential apartment construction,” said Ted Tsiakopoulos, CMHC's Ontario regional economist. “Leading economic indicators suggest that while Ontario home construction remains elevated in 2008, a slowing provincial economy will weigh on construction activity through 2009,” added Tsiakopoulos.
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