The number of new residential units at the construction stage where concrete has been poured for the footing around the structure.
- The number of housing starts in Peel decreased to 1,885 units in January - June 2020.
- The decline was concentrated in the multiple segment of the market.
- The onset of the COVID-19 pandemic and resulting halt in economic activity disrupted construction activities in April and will likely result in lower level of activities in Peel in 2020.
- Housing starts in the Toronto CMA and GTA increased by 17.2 and 11.3 per cent respectively.
For the period January - June 2020, the number of housing starts recorded in Peel Region was 1,885 units, a decline of 31.1 per cent when 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 Starts by Municipality
In January – June 2020, housing starts changed in Peel’s municipalities as follows:
- Mississauga: down by 47.8 per cent to 257 units;
- Brampton: up by 73 per cent to 1,369 units; and
- Caledon: up by 77.3 per cent to 259 units.
Housing starts in Mississauga are concentrated in the multiple segment of the market where projects tend to be large, consisting of many units, and are therefore susceptible to significant variations.
Housing Starts by segment
In January - June 2020, the number of multiple starts in Peel declined, while single starts increased relative to January- June 2019 as follows:
- Multiples: down by 39.8 per cent to 1,441 units; and
- Singles: up by 29.4 per cent to 444 units.
Despite the decline in multiple starts in January – June 2020, it remained the larger market segment at 76.4 per cent of total starts.
Changes in housing starts in Peel for the remainder of 2020 remain uncertain because:
- As the Bank of Canada lowered interest rates to near zero in response to the COVID-19 pandemic, housing purchase should be more attractive given the low interest rates; and
- At the same time, demand for housing is likely to be curtailed by decline in employment making the overall impact on housing starts in 2020 uncertain.