Total Housing Starts to Be Lower in 2016 & 2017

TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - Canada Mortgage and Housing Corporation (CMHC) released its Fall Housing Market Outlook report for the Greater Toronto Area (GTA) today. Total housing starts will edge lower by five per cent to 35,950 units in 2016 from the previous year and decline further to 32,500 units in 2017. Apartment starts, primarily driven by condominium structures, will dominate housing construction in the next couple of years and exceed 20,000 units in each year. Existing homes sales will moderate to 91,000 in 2016 and 87,500 in 2017.

"More resources in terms of land, labour and materials will continue to free up and make room for more high-rise construction as the backlog of units under construction clears in the GTA," explained Dana Senagama, CMHC's Principal of Market Analysis for the GTA. "Existing home sales will slow over the next two years as affordability concerns reduce home buying activity, especially among first-time buyers."

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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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