After a few banner years for building, it’s tough for Toronto to match or exceed the housing starts from the last couple of years. But now construction activity seems to be levelling in line with the longer term tallies.
Housing starts in Toronto slipped according to new stats released from the Canada Mortgage and Housing Corporation (CMHC). The standalone monthly seasonally adjusted annual rate (SAAR) was 28,500 units in March, down 32.8 per cent from 42,400 in February.
Compared to 2012, this past March also saw a drop. Last year, 4,572 starts in total were counted, but that number fell by about 54 per cent to 2,104 in 2013. For the first quarter of last year, Toronto counted 10,682 total starts. For the same period this year, that number declined to 6,695 for a 37.3 per cent decrease. Altogether, the six month moving average of the SAAR was trending at 36,700 units in March.
“After trending lower over the past several months, new home construction in Toronto is now in line with longer-term averages,” said Shaun Hildebrand, CMHC’s Senior Market Analyst for Toronto in the news release.
“Fewer condo starts will continue to limit construction activity in 2013, however increased ownership demand in the second half of the year is expected to keep levels close to the current trend.”
For a closer look at the numbers check out the chart and table below…