Alberta housing starts jump up in July

Alberta housing starts jump up in July

Alberta's total housing starts in July were up 61.5 per cent over last year for the same month, according to the Canada Mortgage and Housing Corporation.

But it is doubtful a real estate boom is back. "This streak will likely end in Calgary," said Richard Cho, a senior market analyst for the Calgary branch of CMHC. He predicts a slowdown because of the high listings availability for resale and rising interest rates.

In most of Alberta's larger cities, construction started on 2,348 homes in July, compared to 1,454 in July 2009. Only Lethbridge and Red Deer saw a decrease.

2 Comments
  • vittorio 2010-08-25 5:21:42 AM
    hey status can be put together to show anything you want, but lets be serious, the sale in calgary are down, nothing is moving, I have been talking to realtor other brokers and other banks and the only kind of mortgage anybody is really doing is refiance and line of credit- so when I hear that housing starts in july were up, I have to laugh because nobody is buying and the house buble that everybody was worried about it has not yet hit, I perdict that in the next year or two house price will drop another 20% before anything moves.
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  • Kal 2010-08-25 6:45:43 AM
    While I understand that much of the market sentiment is that nothing is moving - however the numbers stated by CMHC is based on actual comparison to 2009 i.e. is a quantitative measure therefore dismisses and renders your argument invalid. Some of my Realtor contacts as well as Mortgage Agents are complaining about the market but a few Realtors and myself included find the market to have picked up substantially in the last month. Just in my neighborhood homes have been listed and sold withing a 3 week period ! I find there is much to prosper from in a recession or market down turn as history would show and then repeat itself ! Whenever a market favours buyers; the buyer will dictate a price - a drop is this market is inevitable which also helps increase sales - perhaps lower the profit a seller is looking to make but that is all. Due to lower prices and mortgage rates the market has started to move again ! Regards !
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