According to preliminary December figures released today by Canada Mortgage and Housing Corporation (CMHC) total Toronto Census Metropolitan Area (CMA) new home starts in 2008 were up by 27 per cent compared to the prior year.
In 2008, condominium apartment starts in the CMA reached an all time high level. A 137 per cent annual increase in this segment boosted total new home construction figures. On other hand, low-rise housing types such as singles, semis and town homes saw a dip in home starts. “Toronto’s new home construction market experienced a shift in its production towards
more affordable housing forms. Relatively less-expensive compared to most low-rise home types, condo apartments attracted more than half of new home buyers in the area,” said Ted Tsiakopoulos, CMHC’s Regional Economist. ’’The changing demographic trends, such as shrinking size of an average family and increasing number of ageing baby
boomers and investors also explain the heightened interest in high rise apartments,’’ added Tsiakopoulos.
