Toronto Housing Starts Rise in 2011

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2012) - Annual total housing starts for the Toronto Census Metropolitan Area increased to 39,745 units in 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). For the month of December, the seasonally-adjusted annual rate (SAAR) of total housing starts increased to 39,500 units. Housing starts in Toronto showed strong growth during 2011, reaching their highest level since 2008.

"New home construction was boosted last year by the condominium apartment sector as the backlog of projects in pre-construction cleared while easing credit conditions and exceptional demand allowed many new units to break ground," said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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