Builders Slowed The Pace Of New Projects

Wednesday Nov 29th, 2017

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Builders slowed the pace of new project construction amid market uncertainty.

Canada Mortgage and Housing Corporation reported 2,438 units were launched in the GTA in October down 42% from 4,204 units from same month last year, and 21% down from September of this this year. This low inventory affected all housing types, single-family detached home down 44% in the Greater Toronto Area in October from same time last year, while condominium down 52% as fewer new projects launched compared with last year.

Canada Mortgage and Housing corp said October new construction were down 47% In Hamilton, 59% In Guelph, 30% In Kitchener Waterloo and Cambridge, 55% In London On and 28% in Peterborough, The decline of new constructions were down 29% in Ontario In October.the only city gained a 64% Increase on new construction units was St.catharines and Niagara due to a large jump in condo construction, with 156 units launched in October compared with just 6 (six) a year ago.

Ontario was the weakest province for new construction In October compared with a year ago, While Quebec led the country with a 67% increase in new construction compared with same month last year. Across Canada new construction claimed 16% increase in October.


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