Ontario home starts up 12.7 per cent in November

Ontario home starts showed no sign of slowing in November.

Canada Mortgage and Housing Corp. says there were 70,200 starts last month, a 12.7-per-cent ncrease over October.

CMHC says the detached home segment led the increase and that most gains were in Toronto and Ottawa.

There were 40,400 detached home starts in the province last month, a jump of 29.5 per cent over October's rate.

While actual home starts for 2007 are seven per cent lower compared to 2006, home starts this year are expected to remain above historical averages.

CMHC Ontario economist Ted Tsiakopoulos says a stable job market, tight resale markets and more financing options have helped sustain demand for more expensive housing.