Single-detached home construction starts at highest rate since 2008
Posted March 8, 2017 1:07 pm.
Last Updated March 8, 2017 1:56 pm.
This article is more than 5 years old.
The Federal Housing Agency says construction of single-detached homes in Ontario is reaching the highest level since July 2008.
Canada Mortgage and Housing Corporation says the seasonally adjusted rate for national housing starts was up marginally to 210,207 units last month as gains in Ontario offset recent slowdowns in B.C.
CMHC says the low supply in the housing resale market is spilling over into new home construction in Toronto.
It also says housing starts in St. Catharines reached their highest level last month for any February since 1991, mainly due to an increase in demand driven in large part by the relative affordability of housing there compared to neighbouring markets.
In Toronto, low supply in the resale market resulted in demand spilling over into the new home market, particularly for low rise homes.
Single-detached home starts were at their highest level for February in more than ten years. The total housing starts trend remained steady in February despite a drop in apartment starts.
