Developers have been going crazy lately. But it seems they have pulled in the reins a bit:
“Starts fell by 6.3% per cent annualized 189,100 units last month that were below market expectations according to figures released by the Canada Mortgage and Housing Corporation.” Yourhome.ca
After hearing last week that building permit values have decreased markedly, it seems obvious that new residential construction is slowing.
But, there is one city bucking national the trend: Toronto. Housing starts in Toronto have increased by 0.9%. And it’s not likely to begin decreasing in the next 12 months as condos which have already been sold are going to begin breaking ground. Housing starts are measured from the date the concrete is poured. More telling, however, is the fact that the single detached segment has declined substantially.
The CMHC is forecasting that sales of new homes will be up by more than 30 per cent over last year. Next year however will see a 10 per cent decline according to the federal housing agency. Yourhome.ca