Bottom in sight for housing market, new figures suggest

35%

Housing starts rebounded strongly in the Toronto area market, up by 35 per cent in April to 22,000 units, mostly due to the multiple family segment that includes condominiums and apartment buildings.

Published: June 09, 2009 5:17 a.m.

Last modified: June 08, 2009 9:22 p.m.

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The housing market, still slow with a recovery not yet on the horizon, seems to have something of a bottom in sight.

Canadian housing construction bounced back in May after dropping to a 13-year low in April, according to the Canada Mortgage and Housing Corporation yesterday, with housing starts hitting 128,400 in May, up from 117,600 in the prior month.

However, despite the positive figures this month, the fact remains that starts are still down significantly by 42 per cent in year-to-date figures compared to last year at both the national and Toronto area levels.

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