(1888PressRelease)
April 17, 2008 - There was a surge in Toronto Condos construction in January 2008, giving Canadian housing a huge start even as the US real estate market fizzled.
Multi unit construction was up 64% compared to a decrease of 4.85% of single unit starts.
Toronto Condominium starts in January, had an increase of 95% to a seasonally adjusted and annual pace compared to December 2007. The Toronto Home Builders are forecasting a start to the large backlog of high rise Condo projects that will increase overall sales in the coming months.
Toronto Condos are now the biggest market for any North American city. This should help go against the national declining trend forecast by the Canadian Mortgage and Housing Corp.
Canada is in better shape than the US market due to healthy employment levels, lower mortgage rates and increasing income gains.
Even the resale market is increasing in strength. Typically condominium apartment transactions comprise just over 20 per cent of total sales but in December they accounted for more than a quarter of resale activity. Condos are often more affordable than other housing options and they show particularly well in winter.
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