Housing Starts Lower in February

March 10, 2008 · Filed Under Market Trends and St. John's Real Estate 

Release today from Canadian Mortgages and Housing Corporation.

Multiples Drag Total Housing Starts Lower in February

Urban housing starts were lower during the month of February, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). February’s total housing starts retreated 18 per cent, with 51 posted across provincial urban centres compared to 62 a year ago. All 51 starts were within the St. John’s region versus 61 last February, a decrease of 16 per cent.
However, starts of single-detached homes surged 135 per cent to 40 within St. John’s metro, while multiple starts sank 75 per cent to 11 after posting 44 in February of 2007.

“After beginning the year relatively strong, February’s decline in total urban housing starts was attributed to a lack of multiple housing construction,” said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador. “Despite February’s lack of multiple housing starts, a surge in the single-detached segment is a positive signal and the expectation is that 2008 will be a solid year for residential construction activity,” added Janes. For Canada’s urban centres, total housing starts surged 42 per cent to 13,436 in February compared to February of 2007. Single-detached starts fell five per cent to 4,203, while multiple starts of 9,233 represent a lofty 84 per cent increase over last year.

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