Toronto Housing Starts Higher in July

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - The seasonally-adjusted annual rate (SAAR) of total housing starts for the Toronto Census Metropolitan Area increased by 13 per cent to 50,300 units in July, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC).

Condominium apartments continued to push housing construction higher last month.

"Condo starts this year have already exceeded the total for all of 2010", said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA. "Post-recession demand for new condos has been remarkable, which is now feeding into the construction side. While activity is likely to moderate from recent levels, the vast number of successful project openings over the past couple years will keep condo construction high for some time," added Hildebrand.

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

To view the "Toronto CMA Housing Starts" graph, please visit the following link: http://media3.marketwire.com/docs/tocmaeaug.pdf

To view the "Toronto CMA Summary of July 2011 Preliminary Starts Data" table, please visit the following link: http://media3.marketwire.com/docs/tocmaauge.pdf

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