Ontario residential activity in April is running stronger than predicted. The Canada Mortgage and Housing Corporation (CMHC) reported 95,400 residential housing starts across Ontario’s urban centres, up from 85,000 units in March. A significant growth was noted in the areas outside of the GTA.
Ontario housing starts for April are running 30 per cent above the starts seen a year ago. The growth is mainly credited to the increase in multi-family home construction with a more moderate increase in detached construction.
Nationally, a booming condominium market pushed housing starts to 244,900 units in April, which is 40,000 units over what economists expected. Most of the gains are coming from the multiple-unit construction. See CMHC’s press release here.