Saskatoon’s housing starts have dropped dramatically to 80 per cent to 116 units in April, the latest monthly housing report by Canada Mortgage and Housing Corp. (CMHC) has revealed.
The dip was a notable one from last year’s data of 561 housing starts in the area. Bridge City suffered a 40% slip from 1,161 to 695 in the first four months of last year. Also, “only 19 multiple-dwelling units were started in April compared to 365 in the same period in 2014,” the Star Phoenix
said in its report.
Home builders in the area have also dropped their production of both single-detached and multi-family units, which was expected to reach 3,085 in total for 2015.
"Rising new home inventory and moderating economic fundamentals will prompt a slower pace of housing starts this year," said Goodson Mwale, CMHC's senior market analyst for Saskatchewan.
Meanwhile, housing starts in the Regina area were also down eight per cent in April to 117 starts from last year’s 127 units.
"The trend in total housing starts declined further in April after local home builders scaled back production of multi-family units," Mwale was quoted as saying.
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