Housing starts in city drop by 55%

Decrease in line with expectations following rate hikes

- MANUELA VEGA

Toronto and Vancouver had “markedly lower” housing starts compared with national figures, according to a new Canada Mortgage and Housing Corporation report.

Housing starts in the Toronto area were down drastically last month, with the Canada Mortgage and Housing Corp. (CMHC) reporting a 60 per cent decline in total housing starts in June over the same period last year led by a sharp drop in multi-unit construction.

According to the CMHC, both Toronto and Vancouver, which experienced a 55 per cent decline in housing starts year-over-year, had “markedly lower” starts compared with national figures and had significant declines in multi-unit construction in particular. Multi-unit construction includes condos, apartments, townhomes and semidetached homes.