Condo construction starts hit new record in Toronto

The red-hot condominium market drove an increase in new home construction in Canada last month as starts of single detached houses continued to fall, new data shows.

Housing starts rose to 229,737 in February, a 7 per cent increase compared to the previous month, according to seasonally adjusted annual rates from the Canada Mortgage and Housing Corporation. Construction of condominiums and other dwellings containing multiple units jumped by 14 per cent nationwide, compared to a 7 per cent decline in single-detached houses.

Read more at Financial Post

Premier’s Statement on U.S. Steel and Aluminum Tariffs

Premier Kathleen Wynne released the following statement today on Canada’s exemption from the U.S.’s new tariffs on steel and aluminum imports:

“We learned today that Canada has been exempted from the U.S. government’s new steel and aluminum import tariffs — for now. While it is important to recognize that we are still facing challenges, I am pleased that we got the decision we fought for — the one that protects workers and businesses in Ontario’s steel and aluminum industry.

Read more at Ontario Newsroom

Real estate industries made up fifth of Canada’s GDP in 2017

Real estate, construction and related financial and insurance industries are together responsible for more than 20 per cent of Canada’s GDP in 2017, according to a quarterly report released by Statistics Canada March 2.

Here in B.C., a separate report funded by real estate and development industry groups, published March 5, found that real estate-related industries accounted for around 15 per cent of the provincial GDP in 2016.

Read more at Vancouver Courier