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Posted August 11 , 2010

Ontario Home Starts Decline in July

TORONTO - For a second consecutive month, Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban(i) centres moved lower in July. An estimated 51,100 residential housing units broke ground, down from a revised 52,500 units in June. The single detached home sector weighed on starts activity while multi family home construction, which includes semi detached, row and apartment dwellings edged up. With the exception of Kingston, Barrie and Thunder Bay, all other centers posted increases from the same month one year ago. For the year, Ontario new home construction in urban areas is running 31 per cent above levels for the same period one year ago.

"New home construction has trended lower since peaking in February this year. The construction of single detached housing led the recovery in housing starts beginning in the second quarter of last year and is now the sector which has dampened activity in recent months.," said Ted Tsiakopoulos, CMHC's regional economist. "A slower pace of economic growth across the province, competing supply pressures from the resale market and a smaller pool of first time buyers suggests construction activity will ease during the second half of 2010," added Tsiakopoulos.

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