Builders Slowed The Pace Of New Projects
Wednesday Nov 29th, 2017Share
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.