Toronto Housing Starts Pull Back in February

TORONTO, ONTARIO--(Marketwire - March 8, 2012) - The seasonally-adjusted annual rate (SAAR) of total housing starts for the Toronto Census Metropolitan Area decreased to 30,400 units in February, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC). The six-month moving average indicates that housing construction in Toronto has been moderating since the fourth quarter of 2011.

"Given the record-level of housing units already under construction in Toronto, the slowing in new starts will help support stability in the market, particularly in the case of condominium apartments," said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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