Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2011 08:15 ET

Toronto Housing Starts Move Lower in September

TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) - The seasonally-adjusted annual rate (SAAR) of total housing starts for the Toronto Census Metropolitan Area declined to 32,500 units in September, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC).

To view the graph associated with this Press Release, please visit: http://media3.marketwire.com/docs/zmca1011.pdf

The pace of housing starts in Toronto slowed to its lowest point since the start of the year.

"The moderation in new home construction was welcomed following prior levels that were higher than expected population requirements", said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "Housing development in Toronto should stabilize near current levels as strong demand for condo ownership and rentals offsets challenges associated with low density land supply," added Hildebrand.

TORONTO CMA
SUMMARY OF SEPTEMBER 2011 PRELIMINARY STARTS DATA
SAAR Raw Data Raw Data
Aug 2011Sep 2011% Chg.Sep '10Sep '11% Chg.YTD '10YTD '11% Chg.
Total37,10032,500-12.4%2,6602,7423.1%21,47629,76538.6%
Single-Detached11,40010,400-8.8%77189916.6%7,4217,7945.0%
Multiple-Family25,70022,100-14.0%1,8891,843-2.4%14,05521,97156.3%
Semi-Detached---11213621.4%1,1621,42422.5%
Row Houses---332216-34.9%3,2072,647-17.5%
Apartments---1,4451,4913.2%9,68617,90084.8%
Source: Canada Mortgage and Housing Corporation

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high 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 informed decisions.

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