Residential Housing Starts
Area of Focus: Thriving
Target: 6,000 Residential Units per Year are forecast in the 2015 Development Charges Background Study.
Residential Housing Starts in Peel, 2011-2016
Source: Canada Mortgage and Housing Corporation, Housing Market Tables: Selected South Central Ontario, 2011 to 2016.
Why is this important?
- The amount of residential housing starts measures new units at the first stage of construction.
- Housing starts reflect the health of the local economy and how well Peel is managing growth.
- The number of housing starts is influenced by mortgage interest rates.1
- The Region's Growth Capital Program currently assumes that 6,000 residential housing starts per year will help finance the infrastructure planned for growth.
How is this measured?
- The Canada Mortgage and Housing Corporation conduct a monthly Starts and Completions Survey in urban areas with 50,000 people or more.
- In this Survey, a housing start is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure.2
What progress are we making?
- Over the past five years, the number of housing starts in Peel has averaged over 6,200 units per year, which is above the number of units expected.
2 Canada Mortgage and Housing Corporation-Housing Market Information Portal. Starts & Completions Survey Methodology: https://www03.cmhc-schl.gc.ca/hmip-pimh/en/TableMapChart/ScsMasMethodology