Toronto condo market carrying housing starts

Slumping February numbers for housing starts nationwide in no way reflected the spectacular growth shown in Toronto.

Toronto bucked the national trend, showing a 7 per cent increase in single detached from 561 in February 2012 to 602 for last month. More dramatically, all other starts – which include apartment dwellings, townhouses and condominiums – climbed from 1,738 to 2,678, a 54 per cent increase from February of 2012.  “The trend in total housing starts continued to moderate in February,” said Mathieu Laberge, Deputy Chief Economist at CMHC. “Moderation in economic fundamentals in the second half of 2012 has led to more modest housing demand and builders are adjusting accordingly.”

Single-detached numbers for February compared to the same month last year were down from 3,018 to 2,829 for this year nationwide. All other starts during the same period also dropped from 7,606 to 6,519.

Vancouver posted strong single-detached numbers, with 279 new starts for February 2013 compared to 195 starts in February 2012; yet slumped in all other starts from 1,675 to 833 during the same period.

Nationwide, CMHC reported housing starts trending at 195,087 units for February, calculated on the six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of housing starts. The SAAR trending measure is used as a complement to the monthly SAAR of housing starts, to account for the considerable swings in the monthly estimates. The standalone monthly SAAR was 180,719 units in February, up from 158,998 in January.

The Toronto condo market remains strong despite a quarter-to-quarter rise in unsold condominiums. For the fourth quarter 2012, 79 per cent were sold, compared to 80 per cent in the third quarter, and 82 per cent a year earlier. However, it is above the 78 per cent 10-year average.

By Donald Horne


Join Our Mailing List




* Required

Upcoming Condos

Lighthouse East Tower Condos M City Plaza Midtown home (Power+Adelaide) Canvas Condos MAX Condos AYC Condos Cosmos Condos 3 Vita On The Lake Brownstone at Westown Phase 2 Unionville Glen Townhomes Sail Condominiums The Southwood By Streetcar Whitehaus Condominiums Sonic Condos York Condos Downtown Markham Daniels Waterfront Lighthouse Condos Briar Hill City Towns The Rosedale on Bloor Condos The Village Residences Pier 27 Condo 158 Front Condos On The Danforth Condos Modern Manors Townhomes Spice Urban Towns on Danforth Rd. Spring Valley Junction Homes Art Shoppe Loft + Condos The Bartholomew Condos Claridge Gate Upper Thornhill Townhomes Vida Condos Lindvest Brownstone Townhomes The Lighthouse Tower Condos Chelsea Maple Station Townhomes Park Avenue Place Condos Beacon Condos Design Haus Condos CityLights on Broadway The Ravine Condos Lotus Condominiums at Bayview Village Harmony Village Condos Soul Condos Minto West Side Condos Marquette Urban Towns The Colours of Emerald City Homes at Don Mills Patricia Homes At Bathurst & Steeles Omega On The Park The Ossington Town Homes Zigg Condos St.Clair West Riverside Square Lofts on Queen Enigma On the Park WQW Condos The Yorkdale Condominiums Vox Esta Gardens The Eglinton Islington Terrace 488 University Canary Park 11 Wellesley St Dundas Square Condos Totem Condos YC Condos Forward Condos Core Condos SQ Condos One Park Place South Tower Garrison Point Condos Aqualina Bayside 2221 Yonge Condos Monde Condos Park Towns Ny2 Condos Casa 3 Condos Harbour Plaza Condos 383 Sorauren Yonge-Rich Condos Musee Condos 155 Redpath Westlake Encore The Opus 365 Church Condos The Mark Condos King Blue Condos The College Epicurean High Park Residences Park Tower at IQ Vero Condos Ten York One Park Place Fashion District Condos Cinema Towers Diva Condos The Britt Residences 101 Erskine Condos Waterways Condo River City 3 460 Yonge 501 Yonge Condos 609 Sherbourne Condos eCondos Carnary District The Carnaby Lofts NIOR Condos SkyCity Condos 88 Scott Condos Eau Du Soleil Condos Tux Condos The Massey Tower Condos Sixty Colbourne Condos TAO Condos Flair Condos Xpression Condos Maestro Condos Grand Palace One Eleven The Brant Park Condos Edge Triangle Park Condos Nexus Condos