The Canada Mortgage and Housing Corporation (CMHC) released the latest housing starts stats for Toronto. And while January to May 2013 didn’t see the same flurry of construction as the same time in 2012, the city was back in a building mood this past month after a slower April.
The actual total starts for May 2013 numbered 3,359, down by 10 per cent from 3,726 in May 2012. And the actual total for January to May 2013 came in at 12,309, down 38 per cent per cent from 19,842 from the same period in 2012.
For May 2013, the six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts in the city was trending at 34,386 units. That’s up 1.8 per cent from 33,777 in April.
However, the standalone monthly SAAR was 40,892 units in May, up 50 per cent from 27,319 in April, signalling a renewed building boom that has some experts fearing oversupply.
“With the condo apartment construction market opening the year on a softer note, the backlog of condo units sold for the most part in 2011, but not started, resulted in stronger numbers in May,” said Ted Tsiakopoulos, CMHC’s Ontario Regional Economist in the news release.
“This, in tandem with low-rise homes (singles, semis, and rows), pushed total housing starts higher.”
As far as condo starts are concerned, multiples numbered 2,439 in May 2013, down 14 per cent from 2,847 the same time the year before. More noticeable was the steep drop off in starts for multiples from the January to May period. This year, the starts numbered 8,702, down 47 per cent from the January to May 2012 period.
For more details check out the charts below…