Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 11, 2011 08:15 ET

Toronto Housing Starts Stay Strong in June

TORONTO, ONTARIO--(Marketwire - July 11, 2011) - The seasonally-adjusted annual rate (SAAR) of total housing starts for the Toronto Census Metropolitan Area increased by 23 per cent to 45,100 units in June, 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/cma08.pdf

Single-detached starts led growth in housing construction last month, rising to their highest point in over three years.

"More singles are starting thanks to some strength in pre-sales six months ago," said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "This momentum for singles should be short-lived due to the on-going challenge of a reduced supply of available lots and also some moderation in demand as interest rates begin to increase," added Hildebrand.

To view the table associated with this release, please visit the following link:

http://media3.marketwire.com/docs/tb708.pdf

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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