Housing Starts Continue to be Slow
Housing Starts Continue to be SlowBy 250 News
Wednesday, August 12, 2009 03:55 AM
Prince George, B.C. - Despite a slight increase in the number of starts for single family homes in Prince George in July, the year to date starts are still well below what they were in 2008 at this time.
The latest figures released by Canada Mortgage and Housing Corporation (CMHC) reveal that housing starts continued to trend lower in July. Last month there were 16 foundations poured for new single family homes in Prince George, up 23.1% over the same time last year, but nothing in the way of multile family units. The Year to Date numbers show new home starts were down 56.6% largely due to the lack of multiple-unit starts. “Developers have been taking a wait and see approach towards the multi-unit market. There are still numerous projects under construction and a sound inventory of unsold new homes available,” said Robyn Adamache, Senior Market Analyst at CMHC. “Homebuilding will remain modest until some of the inventory of new and existing homes is sold off.”
At the provincial level, dwelling starts in urban areas, seasonally adjusted at annual rate (SAAR), slipped to 10,800 units from 12,000 units in June. Nationally, housing starts in all areas also eased to 132,100 units (SAAR) from 137, 800 in June.
posted by Colin @ 9:24 AM
1 Comments:
Unfortunate news for Prince George, sorry to hear about it. However, this slow recovery might not be the case for the whole Canadian real estate market. For example, realty in Calgary saw a increase in price throughout 2009 as well as sales. Hopefully places such as Prince George are just a little slower than other markets, and by now the data might show signs of recovery in the area.
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