The Canada Mortgage and Housing Corporation says that housing starts in the Toronto CMA increased to 39,170 in June from 38,415 units in May.
The Canada Mortgage and Housing Corporation tracks these numbers to measure the overall health of the housing market, and this trend is a sic month moving average of the SAAR (seasonally adjusted annual rates) of housing starts.
“Despite a slight pull-back in condominium apartment starts, low rise home starts trended higher, supporting an increase in total housing starts in June,” said the principal market analyst for the GTA for the Canada Mortgage and Housing Corporation, Dana Senagama. “With inventories of new and resale low rise homes hitting all-time lows, households are increasingly looking for more choice and builders are channeling this demand towards new projects.”
For more, check out the housing starts release from the CMHC here.