July home construction in the
Toronto Census Metropolitan Area
(CMA) remained strong, but
continued on a downward trend.
The seasonally-adjusted annual rate
of starts was 41,600 - down slightly
from 43,800 in June. For the first
seven months of 2006, on an
unadjusted basis, new home starts
declined by over 13 per cent
compared to the same period last
Over the past two years, the resale home market has become more balanced, meaning home buyers have benefited from more choice. Increased resale home listings coupled with high home prices have resulted in fewer pre-construction
HOUSING STARTS STRONG IN JULY
Sales of low-rise homes and lower housing starts. Condominium apartment starts, at 1,261 in July, remained strong, though not as exceptional as in July of last year when condominium apartment starts spiked to 3,387. Despite the decline, year-to-date building activity points to a second consecutive year of record condominium apartment construction. Condominium apartments are becoming an increasingly popular home ownership option for many households. The average prices and mortgage payments associated with ground-oriented homes, including single-detached houses, are too high for many buyers, especially those purchasing their first home. The average price for a completed and absorbed single-detached house through July was almost $460,000, with a monthly principal and interest payment of approximately $2,400 (calculated using a 25 per cent down payment and a five-year fixed rate mortgage amortized over 25 years). The minimum annual income required to carry this mortgage is slightly more than $90,000 (assumes a gross debt-to-service ratio of 32 per cent), which is above the average household income in the Toronto area. This article is courtesy of CMHC
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