CMHC Report on the New Home Market

CMHC Report on the New Home Market

Strong January Apartment Starts

On the strength of condominium apartment construction, total Greater Toronto Area (GTA) housing starts for January were five per cent higher than experienced one year earlier, reaching 2,730.

January results were in line with expectations for 2008. Condominium apartment starts will increase this year, while low-rise starts will edge lower. Strong condominium apartment starts will be based on record pre-construction sales over the past three years.

As an increased number of condominium apartments reach the completion stage this year, builders will be able to shift resources to new projects in the development pipeline.

On the whole, demand for existing and new ownership housing has remained strong in the GTA, based on solid underlying fundamentals. A combination of steady job and income growth and low borrowing costs has kept home buyers confident in their ability to purchase and pay for a home over the long term.

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Mark

A. Mark Argentino
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