According to CMHC, the seasonally adjusted rate of housing starts rose in December, mostly due to a spike in multiple urban starts, support the notion that condo development is surging in this country.
There has also been a trending towards returning to urban centers- in particular with the Baby Boomers to be closer to amenities and health care.
Housing starts registered in at 200,200 units in December up from 185,600 units the month prior.
“The increase posted in December was mainly attributable to the multiple urban starts, particularly in Ontario and in Atlantic Canada”, said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre.
Multiple urban starts far outpaced single urban starts. Urban starts overall went up by 10.1 % to 181,900 units in December. Urban single starts rose by 3.8%, compared with a 14.5% surge in multiple urban starts for the same time period.
Regionally, Atlantic Canada far and away saw the most starts, claiming 52.9% of the total. Ontario and Quebec also saw rises in urban starts, with 35.3% and 9% respectively. Housing starts actually fell in B.C. and in the Prairies.
Rural starts came in at an estimated at a seasonally adjusted annual rate of 18,300 units.