Condominium Apartment Starts to Dominate GTA Housing Construction in 2015 & 2016

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - Canada Mortgage and Housing Corporation (CMHC) released its Spring Housing Market Outlook report for the Greater Toronto Area (GTA) today. Housing starts are set to reach 32,400 units in 2015 and remain virtually unchanged in 2016. Condominium apartment starts will dominate construction activity in both years. Existing home sales will reach 93,400 units in 2015 and 90,000 in 2016.

"Due to stronger pre-construction sales of condominium apartments, which began trending up from mid-2013 onwards, high rise starts will increase over the next couple of years," explained Dana Senagama, CMHC's Principal of Market Analysis for the GTA. "Low mortgage rates and an improving labour market will boost resale home sales this year. Sales growth will slow in 2016 as affordability concerns dampen some home buying activity."

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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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