The Oshawa area is seeing a downward trend in housing starts.
According to new data from the Canada Mortgage and Housing Corporation (CMHC), the Oshawa census metropolitan area – which also includes Whitby and Clarington – saw 2,565 housing starts last month, down from 2,734 the month before. The trend is a six-month moving average of the seasonally adjusted rate of housing starts for the month.
“Relatively lower priced homes in Oshawa compared to those in some neighbourhoods in Toronto continue to be a draw for many home buyers,” states Andrew Scott, CMHC’s senior market analyst for the GTA, in a news release.
“However, as prices of single-detached homes in the area continue to increase, more home buyers are choosing more affordable options such as townhomes, semi-detached homes and condominium apartments.”
A similar trend was seen across the province, with the CMHC finding September trended at 71,289, down from 74,244 the month before.
“The Ontario residential construction trend eased in September due to the more volatile multi-unit sector. Starts for single detached homes remained elevated. Housing starts still remain above provincial estimates of the rate of household formation,” states Ted Tsiakopoulos, CMHC’s Ontario regional economist, in a news release.
“A slower pace of job growth moving forward, and more balance in the resale market should encourage convergence between starts and the rate of household formation.”