Toronto Housing Starts Surge in March

TORONTO, ONTARIO--(Marketwire - April 11, 2012) - The seasonally-adjusted annual rate (SAAR) of total housing starts for the Toronto Census Metropolitan Area increased to 58,300 units in March, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC). The level of activity was well above the trend represented by the six-month moving average.

"After such high volumes of pre-construction condominium sales over the past couple years, the timing of construction starts for these large projects can inflate the numbers in any given month," 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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