This article from the Toronto Star compares the housing starts from last year to January of this year. The economic factors I indicated in my previous newsletter/blog entry "Looking Into 2008 and Beyond" are also quoted here. Globally, it appears that Canadians, US, and foreign investors are all very optimistic in the Canadian Real Estate Market.
Canadian housing starts rebound in January
Feb 08, 2008 09:00 AM
THE CANADIAN PRESS
OTTAWA–Canada Mortgage and Housing Corp. reports the annual rate of housing starts numbered 222,700 units in January, up from 184,700 units in December.
Bob Dugan, CMHC's chief economist, says historically low mortgage rates, solid employment, income growth and consumer confidence fuelled the rise.
The corporation estimates housing starts will total 211,700 units in 2008, remaining above the 200,000 mark for the seventh straight year.
The seasonally adjusted annual rate of urban starts increased 25.2 per cent to 189,500 units in January over December.
Urban multiples surged 64.1 per cent to 108,000 units, while singles fell 4.8 per cent to 81,500 units.
Rural starts were estimated at a seasonally adjusted annual rate of 33,200 units in January.
Actual starts in rural and urban areas combined, dropped about 11.1 per cent in January compared to a year earlier.