Saturday, April 11, 2009

Condos and Lofts: Saviors of Toronto Real Estate

According to Canada Mortgage and Housing Corporation (CMHC), from 136,100 units in February, the adjusted seasonal annual rate increased to 154,700 units in March. Urban single starts moved up to 1.3 per cent while urban multiple starts increased 28.3 per cent. Meanwhile, the adjusted seasonal annual rate of urban starts increased to 127,900 which is 17 per cent in March. Starts in rural were even estimated at a seasonally adjusted annual rate in March of 26,800 units.

Chief Economist at Canada Mortgage and Housing Corporation’s Market Analysis Centre Bob Dugan said that the main contributors in the rise in March of new construction activity os the higher multiple starts in Quebec and Ontario. The overall boost encompasses the single segment as well since it is broad base. The largest increased was experienced in the multiples segment.
The urban starts declined in the states of British Columbia, Atlantic Canada and the Prairies but in Ontario and Quebec, the urban starts has fortunately increased with its annual adjusted rate. Constructions for new home is now at a level that is more sustainable since it has been going exceptionally strong for the past seven years, which is exceeding to 200,000 units per year.

Canada Mortgage and Housing Corporation, the national housing agency of Canada, has with its agency more than 60 years of experience in helping Canadians to access a variety of environmentally sustainable, affordable and quality homes. These homes will be able to create healthy and vibrant cities and communities not only in Toronto but also across the country. Still, the boom in the real estate condominiums and lofts in Toronto continues to save the Toronto real estate industry.

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