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Toronto - Ontario home starts bucked a three month downtrend by moving higher in March. Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of urban* home starts rose to 60,900 unit starts, up from 45,100 starts in February. Ontario residential construction activity was boosted by strength in the apartment construction sector. Ontario apartment construction helped boost activity across the nation with all area Canada home starts increasing to 154,700 SAAR units in March, from 136,100 SAAR in February. The longer term trend for Ontario housing starts has been one of high starts levels gradually edging lower from peak levels in 2003-04.
"As expected, Ontario construction activity moved up closer to trend in March. Strong demand for condominium units were registered well into 2008 and these projects continue to break ground into 2009 given the long production cycle associated with apartment development", said Ted Tsiakopoulos, CMHC`s regional economist. "However, a well supplied resale and new home market will create headwinds for the residential construction industry in 2009", added Tsiakopoulos.
Daily Exchange:
http://www.exchangemagazine.com/morningpos...0912.htm#anchor
"As expected, Ontario construction activity moved up closer to trend in March. Strong demand for condominium units were registered well into 2008 and these projects continue to break ground into 2009 given the long production cycle associated with apartment development", said Ted Tsiakopoulos, CMHC`s regional economist. "However, a well supplied resale and new home market will create headwinds for the residential construction industry in 2009", added Tsiakopoulos.
Daily Exchange:
http://www.exchangemagazine.com/morningpos...0912.htm#anchor