Money: Toronto leads new housing starts in August - PressFrom - Canada
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MoneyToronto leads new housing starts in August

10:05  11 september  2019
10:05  11 september  2019 Source:   thestar.com

CMHC reports annual pace of housing starts climbed 1.9 per cent in August

CMHC reports annual pace of housing starts climbed 1.9 per cent in August CMHC reports annual pace of housing starts climbed 1.9 per cent in August

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Toronto leads new housing starts in August© Steve Russell Toronto was tops in metropolitan areas with 3,131 new housing starts in August. Montreal placed second with 2,031.

Population growth and solid labour markets continue to drive home building activity in Canada, especially in Ontario and Quebec, according to the latest data, which shows the pace of new housing starts in August climbing a better-than-forecast 1.9 per cent compared with July.

According to the Canada Mortgage and Housing Corp., Ontario led the increase with seasonally adjusted starts jumping to 81,457, followed by Quebec at 48,772. Toronto was tops in metropolitan areas with 3,131 starts in August, while Montreal placed second with 2,031.

Real Estate In Toronto, Vancouver Sees Another Month Of Rebound

Real Estate In Toronto, Vancouver Sees Another Month Of Rebound Canada’s priciest housing markets, Toronto and Vancouver, continued their sales rebound in August, but while Toronto is seeing a return to moderate price growth, Vancouver’s steep declines in selling prices continued. Sales were up by 15.7 per cent in Greater Vancouver in August, the region’s real estate board reported, although that compares to a very weak August a year ago. “With more demand from homebuyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” said Ashley Smith, president of the Real Estate Board of Greater Vancouver.

Canada Mortgage and Housing Corp. says housing starts came in at a seasonally adjusted annual rate of 223,232 units for August . This copy is for your personal non-commercial use only. To order presentation-ready copies of Toronto Star content for distribution to colleagues, clients or customers

Canadian housing starts rose 12 per cent in August to the highest level since September 2012 as Toronto condominium and rental apartment construction surged. Housing starts rallied to 216,924 units at a seasonally adjusted annual pace from a revised 193,253 units in July

Total new home starts trended higher in Toronto in August for all housing types except for semi-detached. Multi-unit home starts were led by condominium apartments because of strong pre-construction sales over the past two years. Despite single-detached homes trending higher in August, demand for this housing type continues to wane due to rising home ownership costs, the housing agency said.

The CMHC says the seasonally adjusted annual rate of starts rose to 226,639, up from 222,467 units the month before. Economists on average had expected an annual pace of 215,000, according to financial markets data firm Refinitiv.

The results reflect strong demographic demand from international immigration and new households created within the country, BMO Capital Markets senior economist Robert Kavcic said in a note.

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Declining inventories have supported new construction. Toronto . Total housing starts trended lower mainly due to fewer condominium apartment and The trend in total housing starts in New Brunswick was up in August . Construction of multi-unit buildings has led the way so far in 2018 increasing by 13

Canada Mortgage and Housing Corp. says the pace of new housing starts in August climbed 1.9 per cent compared with July. Houses under construction in Toronto on Friday, June 26, 2015. The housing agency says the seasonally adjusted annual rate of housing starts rose to 226,639 units in

“The construction side of the Canadian housing market still looks rock solid,” said Kavcic, adding that the rate of increase in Ontario over the past two years is high by historical standards, “but not out of whack given heated population inflows.”

In a separate report, TD Bank economist Rishi Sondhi noted that “moving forward, homebuilding is likely to remain strong through the remainder of this year, as solid demand fundamentals — namely low mortgage rates, healthy population growth and solid labour markets — underpin construction.”

According to Bob Dugan, the CMHC’s chief economist, the agency’s latest outlook forecasts a general cooling in the level of activity. “Specifically, housing starts were forecast to slow gradually over the 2018 to 2020 forecast horizon, moderating from the 10-year high recorded in 2017 to levels more in line with a moderating economic outlook and demographic conditions,” he said in an email.

Council to consider spending $12M on the creation of 651 affordable homes

Council to consider spending $12M on the creation of 651 affordable homes Toronto Mayor John Tory says a report to be considered by council in October will recommend that the city approve eight new development proposals that would create 651 affordable homes, but a housing advocate says the number is nowhere near enough. Tory told reporters on Tuesday that the report recommends that city council spend more than $12 million to subsidize the projects and offer about $38 million worth of financial incentives under its Open Door Program. Incentives from the city include breaks in development charges, building permits, planning fees and municipal property taxes.

TORONTO (Reuters) - New home construction in Canada was nearly unchanged in September as a decline in Housing starts inched to a seasonally adjusted annualized rate of 217,600 units from an upwardly revised 217,400 units in August , Canada Mortgage and Housing Corp. said on Wednesday.

Work started on 200,986 homes last month at a seasonally adjusted annual pace, a decline of 2.3 percent, Canada Mortgage and Housing Corp. reported Vancouver starts declined by 2 percent. “This moderation brings total starts closer to historical averages, largely reflecting recent declines in

“By 2020, demand is expected to continue to shift towards relatively less expensive housing options such as apartment condominiums. This combined with slowing growth in economic conditions will lead to modest average price growth over the forecast horizon.”

The housing market cooled last year after a rise in mortgage rates and tighter mortgage qualification rules aimed at curbing runaway price inflation. The market regained strength this year as offers from lenders for fixed-rate mortgages moved lower.

The CMHC report is in line with recent data that suggests the nation’s housing sector is stabilizing from a recent slump, easing concerns that some of the country’s more expensive markets like Toronto and Vancouver were poised for a major correction.

Earlier this week, Bank of Canada Governor Stephen Poloz said he’s confident housing will return to growth later this year, once some of the “froth” in those two markets dissipates. On Sept. 4 the central bank left its overnight interest rate unchanged but noted that housing activity “regained strength more quickly than expected,” which could add to already high household debt levels.

With a file from The Canadian Press

Michael Lewis is a Toronto-based reporter covering business. Follow him on Twitter: @MLewisStar

Police charge suspect who allegedly broke into property, left behind a photocopy of his face.
Toronto police have charged a 54-year-old man in connection with an August break and enter in York, where he allegedly left behind a photocopy of his face. On August 23, officers were called to Dufferin St. and Ridelle Ave., just north of Roselawn Ave., for a break and enter. Police allege that a man had entered a commercial establishment in the area and ate some food items, leaving behind scraps. The man allegedly took a photocopy of his face and left it in the property. In a Friday press release, police said Gary Samuel Lambe, of Toronto, has been charged with breaking and entering and failing to comply with probation.

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