| The worldwide economic crisis has impacted the | | | | month in a row that single property starts had grown, |
| market in condo construction more strongly than any | | | | bringing them from their lowest level of the economic |
| other part of the real estate market in Canada. Rural | | | | downturn, in the preceding April, to the best they have |
| areas have experienced an rise in house starts, and | | | | been over the last few years. |
| there has been long-term growth in starts of single | | | | There has been a significant reduction in multiple |
| family buildings, but the rate of building of apartment | | | | residency real estate construction in the Toronto |
| buildings and condos in Canadian cities, like downtown | | | | market over a few consecutive months, with a |
| Toronto condos, has declined. | | | | marked decline in interest in building high rise apartment |
| This decline in building of multiple occupancy properties | | | | buildings and Toronto condominiums. Toronto is typical |
| has negatively affected the overall average for house | | | | of the national situation, however, since this drop in |
| starts in March, translating in a drop of 1.5% in all kinds | | | | multiple family units was paired with an increase in the |
| of house starts, nationwide. This was the first instance | | | | number of starts for single family low rise apartments |
| that there had been a drop in housing starts in 2010. | | | | and rows. A knowledgeable market analyst from the |
| January and February had healthy development ratios | | | | CMHC (Canada Mortgage and Housing Corporation), |
| of 7.5% and 6%, respectively. There were 189,000 | | | | Shaun Hildebrand, who focuses in the Toronto area, |
| starts in January and 200,400 in February, but only | | | | feels that things may soon change. He said that building |
| 197,300 in March. | | | | of condominiums was expected to rise soon, in |
| It is in major cities that the fall in house starts has been | | | | reaction to the increasing desire for affordable |
| most dramatic. Some rural sectors have proceeded to | | | | accommodation in the area. |
| experience an growth in construction, even as the | | | | Starts of multiple occupancy buildings do tend to |
| country's average has tipped over into a decline. | | | | fluctuate more uncontrollably than those of single |
| There was a drop of 4.2 percent in metropolitan | | | | family houses, with variations occurring far more |
| starts in March, while rural starts grew from February's | | | | quickly. Bob Dugan, chief market analysis economist |
| 17,600 to a total of 22,100 in March. | | | | for the CMHC (Canada Mortgage and Housing |
| This demonstrates the adjustment in starts of multiple | | | | Corporation) believes the market for condominiums in |
| family dwellings, which are usually built within a city or | | | | Canada to be a variable one. |
| on its outskirts. Rural homes tend to be single family | | | | There was a fall of 0.5 percent during February in |
| homes. | | | | building permit demands, specifically impacting requests |
| There was an increase during March in the amount of | | | | for multiple unit buildings, which was an important |
| starts for single family buildings, of 6.9 percent, while | | | | element in the decrease in housing starts of these |
| starts of multiple unit dwellings fell by 15.2 percent | | | | properties in March. |
| during the same month. March marked the eleventh | | | | |