- Toronto housing starts up 142% YoY
- Ontario’s growth at 49%, Canada’s -2%
- Toronto’s market outshines national trends
Toronto has experienced a highly significant growth in new housing starts this April, with data showing a marked rise in numbers compared to both the month prior and the previous year. The real estate development landscape in the city is displaying an optimistic trend, surpassing that of Ontario and Canada as a whole.
Housing starts refer to the number of residential development construction projects beginning within a given time period. This metric is often viewed as a key indicator of the health of the real estate and construction sector, while also showcasing growth trends within the housing market.
In April 2023, Toronto recorded a total of 4,942 new housing starts, representing a substantial increase of 55% over the 3,192 projects in March of the same year. Moreover, a year-over-year comparison shows an impressive 142% jump in housing starts from April 2022, when the number of new projects stood at 2,042.
The city’s excellent performance even extends to the provincial level. Ontario’s new housing starts in April 2023 reached 8,937, a 54% increase from the previous month. A year-over-year analysis, however, indicates a less staggering 49% growth in housing starts when compared to April 2022, where there were 6,000 new housing projects in the province.
The increasing housing starts trend in Toronto and Ontario is not entirely upheld on a national level. Canadian housing starts for April 2023 reached 20,510, a 39% increase from the previous month. However, when this number is compared to the new housing starts reported in April 2022 (20,541), the results suggest a dip of -2%.
The data reveals that Toronto’s housing market is displaying a stronger growth trend than that of Ontario and Canada as a whole. The significant increase in new real estate developments in the city validates a thriving construction sector and positively reflects on the local housing market, generating optimism among industry experts and investors alike.
Source: Stats Canada