Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 08, 2010 08:15 ET

Canada Mortgage and Housing Corporation: Toronto Housing Starts Bounce Back

TORONTO, ONTARIO--(Marketwire - March 8, 2010) - The seasonally-adjusted annual rate (SAAR) of total housing starts bounced back by 66 percent to 34,100 units in February according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC) for the Toronto Census Metropolitan Area (CMA).

"Starts for both condo and rental apartment projects in the city provided a boost for new construction in Toronto last month," said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "On average, housing starts are expected to remain near the current level for the remainder of the year. The strength in housing demand has brought unsold inventory down to more normal levels, which should continue to support a healthy amount of new construction," added Hildebrand.

Please note: To view the February Housing Starts graph, please visit the following link: http://media3.marketwire.com/docs/febhousingstarts.jpg.

TORONTO CMA
SUMMARY OF FEBRUARY 2010 PRELIMINARY STARTS DATA
 
  Annual   SAAR   Raw Data (Feb. '10/Feb. '09) Raw Data (YTD '10/YTD '09)
  2009 Jan. 2010 Feb. 2010 % Chg. Feb. '09 Feb. '10 % Chg. YTD '09 YTD '10 % Chg.
Total 25,949 20,500 34,100 66.3% 1,427 2,442 71.1% 2,983 3,897 30.6%
Single-Detached 8,130 14,400 13,200 -8.3% 364 703 93.1% 815 1,650 102.5%
Multiple-Family 17,819 6,100 20,900 242.6% 1,063 1,739 63.6% 2,168 2,247 3.6%
  Semi-Detached 2,032 - - - 50 78 56.0% 274 208 -24.1%
  Row Houses 2,918 - - - 183 313 71.0% 385 498 29.4%
  Apartments 12,869 - - - 830 1,348 62.4% 1,509 1,541 2.1%
Source: Canada Mortgage and Housing Corporation

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. For more information, visit www.cmhc.ca or call 1-800-668-2642.

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