Toronto Housing Starts Stay Strong in August

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2011) - The seasonally-adjusted annual rate (SAAR) of total housing starts for the Toronto Census Metropolitan Area reached 37,400 units in August, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC).

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0909torge.jpg.

Housing starts in Toronto have remained within an elevated range between 37,000 and 52,000 units since February.

"While condos have been the main driver behind the high levels of construction starts this year, the single-detached segment is also on track to record its best year since 2008," said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "Tight supply in the resale market has led buyers to broaden their search to new developments," added Hildebrand.

To view the table associated with this press release, please visit the following link: http://media3.marketwire.com/docs/cmhc0909torte.jpg.

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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