Too many condos? BMO says Canada's housing growth 'sustainable'
When it comes to the question of whether we`re building too many homes in Canada, economists at Bank of Montreal are suggesting everyone should just relax, even in Toronto where condos are popping up like dandelions.
They released two slides Friday to make the point. One shows the number of homes on which construction has begun across the country in recent years. `With the exception of a brief spurt in condo starts in early 2012 and a few weak winter months, Canadian housing starts have been tucked neatly in a 175,000-to-205,000 per-year range since late 2009,` BMO`s Robert Kavcic notes. `There are obviously differences by region (there always are), but overall, this steady level of activity is enough to satisfy fundamental demand, but not too strong to concern policy makers.`
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