T.O. condos fuel home construction growth

Toronto’s new condo market helped fuel strong growth in home construction in April, according to a new report.

The Canada Mortgage and Housing Corporation released data Monday showing Ontario’s new home construction was up 33 per cent compared to a year ago.

CMHC analyst Shaun Hildebrand said the rise was “due to an expected rebound in condo apartment starts.”

Meanwhile, Hildebrand said there was a decline in starts for detached homes, indicating buyers are looking for cheaper alternatives such as condos.

(Toronto Star)

 

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