Canadian Home Builders On Track for Best Year Since Recession
To say Canadian home builders have been busy this past year is an understatement. Since the recession in 2008 and 2009, home builders in Canada have become busier and busier, despite rising interest rates and fears of a housing correction because the demand for housing, particularly in the Toronto area, is so high.
In July alone, work began on 222,324 new homes, which is the third-fastest month since 2012, according to the Canadian Mortgage and Housing Corp. Since the start of 2017, starts on approximately 215,000 homes per month have been the average. If the current pace continues, home builders will be on track for the most new construction started since 2007. Most of these starts occurred in Canada’s three largest urban centres: Montreal, Vancouver, and Toronto.
This new data ultimately highlights the home building industry’s resilience, even though the housing market in Canada is in a place to correct in the near future. Not only have starts on new homes increased in 2017, but a recent report from Statistics Canada also shows building permits rose by 2.5 percent in June, which is the second-highest level on record. While these permits were mainly for commercial projects, residential construction is still on the rise.
As home builders in the Toronto area, we are excited about these promising numbers and thoroughly enjoy building new custom homes for our valued clients. For more information about the custom home building process or for an estimate, please contact us today.