THE DAVISVILLE & LEASIDE INSIDER

THE DAVISVILLE & LEASIDE INSIDER

Thursday, January 11, 2018

Condos fuel the strongest year in a decade for Canadian builders


The boom has surprised policy makers and analysts, most of whom began the year predicting the industry would be a drag on the economy.



Starts on multiple-unit projects such as condos hit a record in figures dating to 1955. Postmedia Network

Last year was a blockbuster for Canada’s real estate developers after work began on the most homes in a decade amid soaring demand nationwide.

Construction started on 219,675 units, according to 2017 data Tuesday from Canada Mortgage and Housing Corp. That’s up from 197,916 in 2016 and the most since 2007. Starts on multiple-unit projects such as condos hit a record in figures dating to 1955.

The boom has surprised policy makers and analysts, most of whom began the year predicting the industry would be a drag on the economy. It reflects fundamental drivers such as a buoyant economy and rising population.


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