Total housing starts up for a second consecutive month
Total housing starts up for a second consecutive month Calgary, November 9, 2009 – According to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC), total housing starts in the Calgary Census Metropolitan Area (CMA) totalled 732 units in October 2009, up from 599 units in the previous year.
To the end of October, total housing starts declined from 10,460 units in 2008 to 4,829 in 2009. Single-detached builders started work on 502 homes in October 2009, an increase of 38 per cent from the 365 units started in 2008. This represents the fourth consecutive month of year-over-year increases in single starts. “Builders continued to increase starts in response to declining inventory levels and higher new home sales,” said Richard Cho, CMHC’s Senior Market Analyst for Calgary. “The recent up-tick in construction activity is expected to continue in the months ahead,” noted Cho.
To the end of October, there have been 3,612 single-detached units started, down four per cent from the previous year. “Although new construction is down year-to-date, the recent rise in activity is bringing production closer to 2008 levels,” he added. In October, there were 230 multi-family units that broke ground, down two per cent from a year earlier. “The year-over-year decline in multi-family starts, which consists of semi-detached, row and apartment units, is less pronounced since we are no longer comparing to the elevated construction levels earlier in 2008,” said Cho. After the first 10 months of the year, there have been 1,217 multi-family units started, down 82 per cent from 2008. “Multi-family construction is expected to remain low in the coming months as builders, especially those in the apartment segment, are still facing heightened inventory levels,” he noted.
Provincially, housing starts in Alberta’s seven largest centres totalled 2,179 units in October, up 30 per cent from October 2008. For census agglomeration areas, Medicine Hat and Red Deer reported a year-over-year increase in total housing starts. As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
To the end of October, total housing starts declined from 10,460 units in 2008 to 4,829 in 2009. Single-detached builders started work on 502 homes in October 2009, an increase of 38 per cent from the 365 units started in 2008. This represents the fourth consecutive month of year-over-year increases in single starts. “Builders continued to increase starts in response to declining inventory levels and higher new home sales,” said Richard Cho, CMHC’s Senior Market Analyst for Calgary. “The recent up-tick in construction activity is expected to continue in the months ahead,” noted Cho.
To the end of October, there have been 3,612 single-detached units started, down four per cent from the previous year. “Although new construction is down year-to-date, the recent rise in activity is bringing production closer to 2008 levels,” he added. In October, there were 230 multi-family units that broke ground, down two per cent from a year earlier. “The year-over-year decline in multi-family starts, which consists of semi-detached, row and apartment units, is less pronounced since we are no longer comparing to the elevated construction levels earlier in 2008,” said Cho. After the first 10 months of the year, there have been 1,217 multi-family units started, down 82 per cent from 2008. “Multi-family construction is expected to remain low in the coming months as builders, especially those in the apartment segment, are still facing heightened inventory levels,” he noted.
Provincially, housing starts in Alberta’s seven largest centres totalled 2,179 units in October, up 30 per cent from October 2008. For census agglomeration areas, Medicine Hat and Red Deer reported a year-over-year increase in total housing starts. As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
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