Release Date: August 11, 2009 Canada Mortgage and Housing Corporation (CMHC)
Canadian Housing Starts, July 2009
Canadian housing starts declined in July, in comparison to both June (on a seasonally-adjusted basis) and July 2008.
Similarly, builders in the Toronto CMA started construction on fewer homes in July. In the Toronto area, the decline in starts was driven by the high-rise segment of the market.
There are indicators that support this view. The resale market in the GTA and many other centres across the country has tightened up, with sales rising relative to listings. Generally, when this happens, traffic increases at new home sales centres.
According to figures provided by RealNet Canada Inc., which TREB members have access to, new home sales activity has picked up in recent months, including a year-over-year increase in June.
While housing starts remained on the downward trend, both Canada-wide and in the GTA, CMHC suggested that residential construction activity will increase in the second half of this year.
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