Toronto CMA Housing Starts Down Slightly In February

According to the latest Toronto Census Metropolotan Area housing starts data released by the Canada Mortgage and Housing Corporation, housing starts during the month of February 2016 trended at 42,352 units, down from 45,296 units in January of 2016.

However, the standalone monthly seasonally adjusted annual rate of housing starts was up to 47,371 units in February up from 26,120 in January due to a high number of apartment starts.

In fact, the City of Toronto had the highest number of starts in the whole of the Greater Toronto Area thanks to 2,101 new apartment units, followed by Brampton, and then Mississauga.

“While housing starts in Toronto trended lower in February, low listings of single-detached homes in the resale market have resulted in some demand being carried over to the new home market as indicated by higher trending single-detached home starts,” said the Principal Market Analyst for the GTA for the Canada Mortgage and Housing Corporation, Dana Senagama, in a press release.

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