The number of new residential units at the construction stage where concrete has been poured for the footing around the structure.
- For the period January – September 2020, the number of housing starts in Peel decreased by 19.3 per cent to 3,476 units.
- The number of single starts increased, deviating from trend in recent years.
- Lower multiple starts in January – September 2020 led to the overall decline in housing starts in Peel.
- As COVID-19 response measures were lifted in the third quarter of 2020, housing starts in the Toronto CMA and Greater Toronto Area (GTA) registered significant increases.
The number of housing starts in Peel decreased by 19.3 per cent to 3,476 units in the nine-month period January - September 2020, compared with the same period in 2019.
The number of housing starts in Peel have fluctuated in recent years in response to changing market conditions in the housing market.
Housing activities were curtailed in the first half of 2020 due to COVID-19 response measures implemented since March 2020, which influenced the decline in housing starts in January – September 2020.
The reopening of the economy in July 2020 and the low interest rate environment together fueled the first quarterly increase in housing starts in Q3 2020, although it was not enough to influence an overall increase for the year-to-date period.
As COVID-19 response measures are lifted, housing starts are expected to grow for the remainder of the year.
Housing Starts by segment
For the period January – September 2020, the number of multiple starts fell to influence the overall decline observed in the market.
Between January and September 2020, changes were as follows:
- Multiples: down by 29.3 per cent to 2,553 units; and
- Singles: up by 33.4 per cent to 923 units.
The 2,553 multiple starts were the lowest recorded in any January - September period in three years and reflected several factors including, ongoing variability in the size and timing of projects in this market segment.
Notwithstanding the decline in multiple units and an associated decline in market share, the multiple segment of the market remained the dominant sector in January – September 2020 with a market share of 73.4 per cent.
Housing Starts by municipality
In January – September 2020, housing starts changed in Peel’s municipalities as follows:
- Mississauga: down by 64.9 per cent to 1,067 units;
- Brampton: up by 84.9 per cent to 2,052 units; and
- Caledon: up by 128.8 per cent to 357 units.
Housing starts in the Toronto CMA and GTA registered increases of 25.6 per cent and 24.1 per cent, respectively during the January – September 2020 period.