May 2013 Toronto housing starts
TORONTO, ONTARIO--(Marketwired - June 10, 2013) - Housing starts in the Ontario region were trending at 57,773 units in May, compared to 56,073 in April, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
"As expected, residential construction bounced back from historically low levels in April. Even though housing starts were running above trend, May starts were still better in line with demographic demand in the province of Ontario. More modestly priced housing led the gains as a backlog of apartment structures that sold in recent years broke ground as did row structures in May," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Read the full article
here.