ONTARIO AND KW RESIDENTIAL HOME STARTS GROW IN OCTOBER
Toronto - Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban* areas increased to its highest level since March. An estimated 55,700 residential housing units broke ground in October, up from 48,500 units in September.
“Housing starts were pushed higher by increasing activity in the multi family home sector, which includes semi detached, row and apartment construction,” said Ted Tsiakopoulos, CMHC`s regional economist. “After peaking in 2003, Ontario home starts have trended lower and bottomed out early this year,” added Tsiakopoulos.
HOUSING STARTS HIGHER IN KITCHENER
TORONTO Housing starts data for the Kitchener Census Metropolitan Area (CMA) - Construction began on 344 homes, up from the 239 units started in the same month last year.
Foundations were poured for 110 single-detached homes in October, down from the 182 units started in October 2008. Both townhouse and apartment starts were higher in October. Apartment starts increased to 189 units, up significantly from the 36 units started in October last year. Construction activity increased in Cambridge and Waterloo due to the increase in rental apartment starts in both municipalities. For the first ten months of 2009, starts are still down from the same period one year ago for all types of housing.
“Several rental projects which had been in the planning stage for some time finally broke ground this month, pulling starts higher. At the same time, single-detached starts, although lower than last year, were above the average for the first half of this year,” said Erica McLerie, Senior Market Analyst for the Kitchener CMA. “New home sales have been above starts for most of this year, another reason for the stronger construction activity seen this month,” added McLerie.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.