The number of housing starts in the area took a slight hit last month.
According to numbers from the Canada Mortgage and Housing Corporation (CMHC), there were 2,142 housing starts in July, down slightly from the 2,199 in June.
“High house prices in the GTA worked in favour of relatively affordable housing markets in the Durham Region,” states Dana Senagama, CMHC’s principal of market analysis for the GTA, in a news release.
“Homebuyers continued to move to Oshawa to take advantage of lower-priced ground oriented homes and higher single-detached homes starts were an indication of this trend.”
The drop in housing starts in Oshawa goes along with a trend seen province wide.
According to numbers from the CMHC, the province saw 58,736 units get underway last month, down from 60,305 the month before.
“For a second consecutive month, the trend in Ontario residential construction activity dipped due largely to the apartment sector,” states Ted Tsiakopoulos, CMHC’s Ontario regional economist, in a news release.
“Low density housing construction, which is a better barometer of the health of the new construction market due to its stability, posted growth suggesting that economic fundamentals continue to support provincial home starts. An improving job market, strong resale markets and more resources released to commence construction on a backlog of sold apartment units will continue to support starts activity across the province.”