Tuesday, June 17, 2008

CMHC Starts decline to be felt on single home starts

Starts decline to be felt on single home starts

Across Canada, starts of singledetached
homes, which remained
near the 120,000 mark between
2005 and 2007, will decrease by 13.6
per cent to about 102,700 units in
2008 and by 3.6 per cent to 99,050
units in 2009.
The decline in residential construction
will not be felt as much in the
higher-density housing segments. In
response to the rise in new and
existing home prices, a larger share
of home buyers will purchase less
expensive multiple homes. Multiplefamily
homes include row and semidetached
homes, as well as condos
and rental apartments. Multiple
starts, which reached a 29 year high
of 109,426 units in 2007, will increase
slightly to 111,950 units in
2008. Multiple starts are expected to
decrease in 2009 for the first time
since 1998 to reach 100,850 units.

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