Housing starts jumped significantly in the Toronto market in November, as developers got busy pouring concrete foundations in November before the onset of winter.
Toronto starts hit 51,100 seasonally adjusted and annualized units in November, up by 157 per cent from a month earlier according to the report by the Canada Mortgage and Housing Corp. released yesterday.
The stellar figure means starts are now 14 per cent higher this year than last year, and there is still one month to go.
The Toronto surge caught economists by surprise, pushing the national housing start figures to a much better than expected 187,200 units, representing an 11.6 per cent increase.
“The gain was almost entirely driven by a bounce in Toronto multi-unit starts,” said BMO Capital Markets economist Robert Kavcic. “The bigger picture continues to be one of more moderate and stabilizing building activity.”
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