‘Canada has become a country of renters and condo dwellers’: What building numbers show [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
‘Canada has become a country of renters and condo dwellers’: What building numbers show Briefing highlights ‘Renters and condo dwellers’ Economist David Rosenberg finds the number of cranes in Toronto and Vancouver “pretty scary.” Like other analysts, the chief economist at Gluskin Sheff + Associates cited the strength of the residential construction sector after the latest numbers this week. That latest report from Canada Mortgage and Housing Corp. showed the number of dwelling starts rose in August to an annual pace of 226,639, more than observers had expected and, as Bank of Montreal senior economist Robert Kavcic put it, “continuing the relentless level of building activity.” Story continues below advertisement Starts on multiple units, such as condos, accounted for 16,388 of those. “Canada has become a country of renters and condo dwellers – you look at the cranes in Toronto and Vancouver and it’s actually a pretty scary picture,” Mr. Rosenberg said in a report to Gluskin
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