Single Family Home Construction Surging – Condo Construction Cools in London Region
The Canada Mortgage and Housing Corporation (CMHC) has released its April market report for London, Ontario. New home construction of single family homes remains strong while the multi-family construction began to slow.
Report Highlights:
- 136 Single Family Home Starts vs 101 from April 2016
- 38 multi-family starts vs 80 in April 2016
- Combined starts for April 2017 are down vs April 2016
Broader London Outlook
Overall the London market is still very strong.
- Since January 431 single family homes and 717 multi-family units have been started
- The London real estate board has reported record sales four months in a row both in new home construction and re-sale areas
What Does CMHC Say?
“The gap between house prices in Toronto and London has widened significantly, making new single-detached homes in London that much more appealing to retirees from Toronto who wish to sell their home but not downsize.”
The full CMHC Report can be found here: April Market Report
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