{"id":17278,"date":"2021-02-05T10:10:00","date_gmt":"2021-02-05T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17278"},"modified":"2021-01-26T11:38:50","modified_gmt":"2021-01-26T19:38:50","slug":"detached-home-building-surged-new-home-construction-hit-3-year-high","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/02\/detached-home-building-surged-new-home-construction-hit-3-year-high\/","title":{"rendered":"Detached Home Building Surged, New Home Construction Hit 3-Year High"},"content":{"rendered":"<p style=\"text-align: justify;\">As the pandemic sent home buyers flocking to suburban areas across Canada, home builders responded by boosting construction of detached homes.<\/p>\n<p style=\"text-align: justify;\">This detached home building surge sent the average number of housing starts recorded in 2020 to a three-year high at the national level, according to new analysis from BMO Economist Priscilla Thiagamoorthy.<\/p>\n<p style=\"text-align: justify;\">Data on housing starts, released monthly by the Canada Mortgage and Housing Corporation (CMHC), measures how many homes began construction during a given period and are viewed as a key factor in determining market health.<\/p>\n<p style=\"text-align: justify;\">For the previous two years, housing starts in the single-family home property type had been declining, Thiagamoorthy wrote. That trend reversed last year, when all-time low mortgage rates and the unprecedented shift to widespread remote work set house hunters\u2019 sights on larger homes en masse.<\/p>\n<p style=\"text-align: justify;\">Although Canadian home construction slowed down in December, measuring 228,279 annualized units in the final month of the year, the six-month moving average for housing starts continued riding high. From June to December, housing starts averaged 239,052 annualized units, a 13-year high, according to Thiagamoorthy.<\/p>\n<p style=\"text-align: justify;\">\u201cIn spite of the pandemic-related plunge in the spring, housing has turned out to be one of the strongest sectors in 2020,\u201d she wrote.<\/p>\n<p style=\"text-align: justify;\">However, there\u2019s reason to believe that the momentum that accelerated home construction activity in 2020 will wane in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile home construction has helped propel the recovery, we expect activity to moderate slightly in the year ahead amid slower population growth and still-soft labour market conditions,\u201d Thiagamoorthy wrote.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/01\/canadian-home-construction-2020-detached-building.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Home Construction Hit 3-Year High in 2020, Detached Home Building Surged<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the pandemic sent home buyers flocking to suburban areas across Canada, home builders responded by boosting construction of detached homes. This detached home building surge sent the average number &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/02\/detached-home-building-surged-new-home-construction-hit-3-year-high\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17278","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Detached Home Building Surged, New Home Construction Hit 3-Year High &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/02\/detached-home-building-surged-new-home-construction-hit-3-year-high\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Detached Home Building Surged, New Home Construction Hit 3-Year High &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As the pandemic sent home buyers flocking to suburban areas across Canada, home builders responded by boosting construction of detached homes. 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