Atlantic Canada housing starts up in 2010
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31/08/2010 6:58:00 PM
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Atlantic Canada's housing starts for 2010 are predicted to be up from last year. Moncton, New Brunswick, will see 1,080 housing starts by the end of 2010 compared to 973 starts in 2009, according to the Canada Mortgage and Housing Corp.'s third-quarter 2010 Housing Market Outlook release.
Meanwhile in Saint John, builders expect to have put up 670 home units in 2010, a small increase versus the 659 from last year. But sales of existing homes are likely to drop by end of 2010 in New Brunswick to 6,750 from 7,000 in 2009.
Across Atlantic Canada, which includes New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland, housing activity is supposed to rise by nearly seven per cent in 2010 compared to the year before. Single-housing starts are forecasted to increase by nine per cent in 2010, as the economy continues to recover. Low vacancy rates and an aging population also suggests multiple starts should rise to five per cent by the end of the year.