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Housing starts in Canada falls to seven-year low
Country: Canada
11 February 2009
November's fall in housing starts was far more acute than what economists were projecting, according to the latest figures compiled and released by the Canada Mortgage and Housing Corp (CMHC).
Data shows that new home construction hit a seven-year low of 172,000 residential units in November 2008, down from 211,800 new-build homes in October. It was the lowest level for housing starts since November 2001.
“The resale market is having an impact [on residential construction levels],” said Julie Taylor, a senior economist with CMHC.
“People have a large supply of choice. Before they were not finding what they wanted in existing homes so they were moving into new homes.”
The Canadian Real Estate Association report that 32,048 existing homes were sold in October on a seasonally adjusted basis, down 14% month-on-month, representing the sharpest fall in sales since June 1994.
New Canada home building levels looks to be heading for a similar slowdown.
“Housing starts are a lagging indicator. It will get significantly worse,” said Brian Johnston, president of Monarch Corp.
CMHC projects that there will be 212,000 new starts this year but by 2010 they will fall to just 178,000, the first time in seven years the figure has dropped below 200,000. Most economists appear to agree with that assessment.
See Also: Canada
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