Thursday, June 11, 2015

Toronto condo construction heating up again, housing agency says

Published on By Staff Global News... June 8, 2015 9:29 am

Condo construction jumped to a two and-a-half-year high in May, the country’s housing agency said Monday.

The number of home starts nationally accelerated last month to a seasonally adjusted rate of 201,705 units from 183,329 in April.

Canada Mortgage and Housing Corp. says the increase was primarily driven by multiple-unit projects in Ontario, the Atlantic region and Quebec.

“The Toronto condo sector drove the increase,” BMO economist Robert Kavcic said of Ontario’s numbers. It was one of the strongest months on record in May, Kavcic said.

“Keep in mind, however, that overall starts in the city ran well below household formation for the better part of 2014,” he said. “That said, starts clearly can’t keep running at May’s pace indefinitely.”

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