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Oakville, Mississauga Real Estate News: Housing Starts rise in May

June 8, 2009

In Oakville the supply of new homes and condos represents a small percentage of our Real Estate market. With the availability of new land at a relative standstill until North Oakville opens up for development, there is a relative small inventory of new homes right now.
There are some new exciting infill projects underway and coming soon. Projects like Windermere Manor and My Village West Townhomes by Matas Homes and Rakla, Live-work townhomes in Bronte and Downtown Oakville, new condo projects like One Eleven Forsythe in downtown Oakville and the new condos built by Tribute in Oak Park.
Like all media, statistics and information need to be interpreted and localized. What is happening in Oakville Real Estate is never the same as Mississauga Real Estate eventhough similarities exist in the overall conditions.
For more information on specific properties or if you would like a free market valuation on your home or condo, please contact me at 905.507.0040 ext.22 or request an appointment through my website

Housing starts rise in May

OTTAWA — Housing starts rose more than expected in May with increased construction seen in both single- and multiple dwelling sectors, according to Canada Mortgage and Housing Corporation.

The seasonally adjusted annual rate of starts increased to 128,400 units during the month from 117,600 in April, CMHC said Monday.

“Housing starts are expected to improve throughout 2009 and over the next several years to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year,” the Crown corporation said.

Economics expected housing starts to total 126,000 units in May.

The seasonally adjusted annual rate of urban starts was up 11.1% to 107,800 units in May, CMHC said. Multiple-unit urban starts rose to 60,900 units and single-unit starts increased to 46,900 units, with both categories rising by a similar 11.1% from the previous month.

“The increase in May is broadly based, encompassing both the singles and multiples segments,” said Bob Dugan, CMHC’s chief economist.

Overall urban starts were up 22% in Ontario, 16.8% in the Prairies, 7.3% in Atlantic Canada and 3.3% in Quebec. Meanwhile, urban starts fell 5% in British Columbia.

Rural starts were little changed at 20,600 units in May.

“The Canadian housing market appears to have bottomed with existing home sales and price deflation improving over the past few months,” said Benjamin Reitzes at BMO Capital Markets ahead of Monday’s data.

Source: Canwest News Service 2009

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