Housing starts decline in Calgary
Calgary, March 9, 2009 – Total housing starts in the Calgary Census Metropolitan Area (CMA) declined from 877 units in February 2008 to 206 units in February 2009, according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC).
After two months, total housing starts have reached 449 units, lower by 1,139 units as compared to year-to-date production in 2008. Multi-family starts, which include semi-detached, row, and apartment starts amounted to 22 units in February 2009 compared to 589 units started in February 2008. “Multi-family starts are forecasted to be lower this year as compared to last year,” said Lai Sing Louie, CMHC’s Senior Market Analyst. “A lower level of demand and rising inventory levels has prompted developers to rapidly adjust new construction activity.
It will likely take until 2010 before we see higher year-over year activity,” he added. Year-to-date February, there have been a total of 61 multi-family starts, down almost 94 per cent from the same period in 2008.
Meanwhile, there were 184 single-detached starts in February 2009, down 36 per cent from the 288 units started in February 2008. This year’s two month total of 388 single-detached starts is down by about 40 per cent as compared to the same period last year. “Once the inventory of completed and unabsorbed units declines to manageable levels, we expect to see the housing market expand again in 2010,” added Louie.
Housing starts across Alberta’s seven largest centres totalled 574 units in February compared to 1,867 units a year earlier. Lower levels of activity were reported across six of Alberta’s seven largest centres. Grande Prairie reported an increase in year-over-year activity.
As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.
After two months, total housing starts have reached 449 units, lower by 1,139 units as compared to year-to-date production in 2008. Multi-family starts, which include semi-detached, row, and apartment starts amounted to 22 units in February 2009 compared to 589 units started in February 2008. “Multi-family starts are forecasted to be lower this year as compared to last year,” said Lai Sing Louie, CMHC’s Senior Market Analyst. “A lower level of demand and rising inventory levels has prompted developers to rapidly adjust new construction activity.
It will likely take until 2010 before we see higher year-over year activity,” he added. Year-to-date February, there have been a total of 61 multi-family starts, down almost 94 per cent from the same period in 2008.
Meanwhile, there were 184 single-detached starts in February 2009, down 36 per cent from the 288 units started in February 2008. This year’s two month total of 388 single-detached starts is down by about 40 per cent as compared to the same period last year. “Once the inventory of completed and unabsorbed units declines to manageable levels, we expect to see the housing market expand again in 2010,” added Louie.
Housing starts across Alberta’s seven largest centres totalled 574 units in February compared to 1,867 units a year earlier. Lower levels of activity were reported across six of Alberta’s seven largest centres. Grande Prairie reported an increase in year-over-year activity.
As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.
Labels: CMHC
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