{"id":5503,"date":"2017-04-12T10:10:19","date_gmt":"2017-04-12T17:10:19","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5503"},"modified":"2017-04-10T17:36:45","modified_gmt":"2017-04-11T00:36:45","slug":"new-construction-hits-highest-levels-in-almost-10-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/new-construction-hits-highest-levels-in-almost-10-years\/","title":{"rendered":"New Construction Hits Highest Levels in Almost 10 Years"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada Mortgage and Housing Corp. announced Monday that housing starts reached their highest level since September, 2007, a development the Crown corporation said was a response to market demands.<\/p>\n<p style=\"text-align: justify;\">Based on a six-month rolling average, CMHC said there were 211,342 new construction starts in March on a annualized basis, up from 205,521 a month earlier. Using the standalone number for March, starts were 253,720 on a seasonally adjusted annualized basis with urban starts jumping 20.2% from February.<\/p>\n<p style=\"text-align: justify;\">\u201cStronger residential construction at the national level is reflected by a rising trend in single-detached and multi-unit starts in Ontario and continued growth of new rental apartments in Qu\u00e9bec,\u201d said Bob Dugan, chief economist with CMHC.<\/p>\n<p style=\"text-align: justify;\">In the greater Toronto area\u2019s red-hot housing market, where average resale prices jumped 33% in March from a year ago, CMHC said the trend line shows total starts were up among all housing types. Single detached home construction has been rising since the end of last summer.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand for new housing is growing as supply in the rental and resale markets is short, reflected by low rental apartment vacancy rates and declining active listings,\u201d said the Crown corporation, in its release.<\/p>\n<p style=\"text-align: justify;\">CMHC has talked about Toronto\u2019s housing demand spilling into neighbouring regions and said the effects continue to be felt in the market. Buyers are not only fleeing Toronto but Hamilton as well, to seek affordable housing.<\/p>\n<p style=\"text-align: justify;\">\u201cResale inventory is being squeezed and prices are soaring. This is prompting buyers to turn to the new housing market, where singles in land-abundant Niagara Falls remain a sought-after commodity,\u201d said CMHC.<\/p>\n<p style=\"text-align: justify;\">Nathan Janzen, senior economist with Royal Bank of Canada, noted that most of the surge last month was from urban multiples that include high-rise condominiums. (A small number of condominiums buildings breaking ground at the same time can heavily influence the annualized number.)<\/p>\n<p style=\"text-align: justify;\">\u201cLooking through monthly volatility, it remains the case that strength has generally been weighted to areas where housing markets have been tighter,\u201d said Janzen, pointing to Ontario and British Columbia. \u201cAn earlier slowdown in the national resale market later in 2016 \u2014 in part, perhaps, related to the implementation of new macro-prudential policy measures in the fall \u2014 appears to have proven short-lived with demand picking up once again in early 2017, particularly in hotter markets in and around Toronto but also recent gains in Quebec and Alberta where sales have started to perk up once again.\u201d<\/p>\n<p style=\"text-align: justify;\">Janzen expects stretched affordability conditions, modest increases in lending rates and potentially new regulatory measures, in particular in Ontario, will eventually slow home demand this year with spillovers to new building activity.<\/p>\n<p style=\"text-align: justify;\">In the short term, a bump up in supply should help overheated markets, economists say. \u201cThe supply response in Toronto is particularly welcome, given the white-hot pace of price growth and dearth of inventory on the market. The completion of these units should help take some steam out of Toronto\u2019s home price growth, although this won\u2019t happen overnight and is likely a story for next year and beyond,\u201d said Michael Dolega, senior economist with Toronto-Dominion Bank.<\/p>\n<p style=\"text-align: justify;\">Shaun Hildebrand, senior vice-president of Urbanation, which tracks the GTA high-rise sector, said condo sales numbers reached a record in 2016 and that\u2019s been reflected now as buildings begin construction. Long-term, he said the Toronto condominium has seen a decrease of projects in the pipeline.<\/p>\n<p style=\"text-align: justify;\">\u201cNew project sales openings haven\u2019t been growing for three years and that\u2019s putting a lot of pressure on inventories,\u201d said Hildebrand.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/new-construction-hits-highest-levels-in-almost-10-years-some-relief-expected-in-hotter-markets\" target=\"_blank\">New Construction Hits Highest Levels in Almost 10 Years, Some Relief Expected in Hotter Markets<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada Mortgage and Housing Corp. announced Monday that housing starts reached their highest level since September, 2007, a development the Crown corporation said was a response to market demands. Based &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/new-construction-hits-highest-levels-in-almost-10-years\/\">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-5503","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>New Construction Hits Highest Levels in Almost 10 Years &#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\/2017\/04\/new-construction-hits-highest-levels-in-almost-10-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Construction Hits Highest Levels in Almost 10 Years &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada Mortgage and Housing Corp. announced Monday that housing starts reached their highest level since September, 2007, a development the Crown corporation said was a response to market demands. 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