{"id":350,"date":"2015-12-09T09:13:34","date_gmt":"2015-12-09T17:13:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=350"},"modified":"2015-12-09T09:13:47","modified_gmt":"2015-12-09T17:13:47","slug":"condo-construction-pushes-canadian-housing-starts-higher-in-november","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/condo-construction-pushes-canadian-housing-starts-higher-in-november\/","title":{"rendered":"Condo Construction Pushes Canadian Housing Starts Higher in November"},"content":{"rendered":"<p style=\"text-align: justify;\">Condo groundbreakings were a driving force behind Canadian housing construction once again as the number of national housing starts \u2014 home-building projects on which work started \u2014 was up in November.<\/p>\n<p style=\"text-align: justify;\">Housing starts across the country trended at 208,401 units last month, up from 206,125 in October, the Canada Mortgage and Housing Corp. (CMHC) said Tuesday.<\/p>\n<p style=\"text-align: justify;\">The national housing agency defines the trend as \u201ca six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts\u201d and says the longer-range trend measure compensates for the swings that can skew monthly SAARs (these measure what activity would register if a month\u2019s pace continued for 12 months).<\/p>\n<p style=\"text-align: justify;\">In a statement, Bob Dugan, CMHC\u2019s chief economist, noted last month\u2019s performance marked the seventh straight month of increases. He also highlighted the role housing affordability has played in influencing builders.<\/p>\n<p style=\"text-align: justify;\">\u201cRising single family home prices continue to support demand for multiples, which are poised to reach the largest proportion of urban starts since 1971,\u201d said Bob Dugan, CMHC\u2019s chief economist.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, inventory management is necessary to make sure that these units do not remain unsold upon completion.\u201d<\/p>\n<p style=\"text-align: justify;\">Housing inventory has been a major talking point in Canadian housing this year, especially in the Greater Toronto Area, where unsold condo units reached a 21-year high earlier this year.<\/p>\n<p style=\"text-align: justify;\">November\u2019s trend measure for starts in the Toronto Census Metro Area inched up to 45,866 units after coming in at 45,766 units in October.<\/p>\n<p style=\"text-align: justify;\">As on the national level, the multi-family segment played a part, said Dana Senegama, CMHC\u2019s principal GTA market analyst, in a statement. \u201cA jump in condominium apartment starts, prompted in part by pre-construction condos getting underway, saw GTA housing starts trend higher in November,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">\u201cMoreover, historically low borrowing costs have kept housing demand high across Toronto and November saw strong low-rise starts, particularly in single and semi-detached homes.\u201d<\/p>\n<p style=\"text-align: justify;\">In fact, single-detached home groundbreakings climbed to 1,011 units in November from 856 in October.<\/p>\n<p style=\"text-align: justify;\">In November, the SAAR of national housing starts registered at a count of 211,916 units, up from 197,712 one month earlier.<\/p>\n<p style=\"text-align: justify;\">Urban starts, which hit a SAAR of 195,121 in November, were up 7.7% month-over-month. In the SAAR of multi-unit segment starts was 137,898 units, up 13.2% from October.<\/p>\n<p style=\"text-align: justify;\">Single-detached urban starts reached a SAAR of 57,223 units, a 3.6% month-over-month downtick, and rural groundbreakings hit a rate of 16,795 units, slightly more than in October.<\/p>\n<p style=\"text-align: justify;\">Starts increased in the Prairies, Ontario and Atlantic Canada while they declined in British Columbia and Quebec.<\/p>\n<p style=\"text-align: justify;\">Of these five major regions, Ontario led the way with new urban homes entering the pipeline. The province\u2019s SAAR for these starts was 84,537 units last month, outpacing 72,554 in October.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2015\/12\/canadian-housing-starts-up-november.html\" target=\"_blank\">Condo Construction Pushes Canadian Housing Starts Higher in November<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Condo groundbreakings were a driving force behind Canadian housing construction once again as the number of national housing starts \u2014 home-building projects on which work started \u2014 was up in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/condo-construction-pushes-canadian-housing-starts-higher-in-november\/\">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-350","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Condo Construction Pushes Canadian Housing Starts Higher in November &#8226; 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