While Ontario housing starts dropped in December, Toronto housing starts increased over 2010
Year-over-year housing starts in Toronto.
According to the Canada Mortgage and Housing Corporation, Toronto housing starts increased in 2010. Total registered housing starts in the area increased by 13%, attributed to the rise in demand for new homes.
“Growth was held back by a reduced supply of available lots for single-detached development and construction delays for many condo projects that opened sales offices in the pre-recession period,” said the Canada Mortgage and Housing Corporation in a mid-January press release. They also added that, “the high-rise industry is poised for a strong 2011 with preliminary work well underway at many sites, robust pre-construction sales figures and a large number of completions making way for new development.”
These results are preliminary, and the January edition of the Canada Mortgage and Housing Corporation’s Monthly Housing Statistics will contain verified housing starts for the year.
In the month of December, housing starts dropped across the country to 171.500 units, mostly blamed on Ontario and a slowdown on condominium projects. However, starts for single detached homes were only down slightly. In November of 2010, there were 198,200 housing starts across the country.
