April housing starts down in Saskatoon: CMHC

Global News, May 8, 2015- New housing starts in Saskatoon were down significantly in April compared to a year ago. Canada Mortgage and Housing Corporation (CMHC) released a report Friday saying there were 116 new starts last month in the Saskatoon census metropolitan area, down from 561 the previous year.

The biggest drop was in multi-family unit starts, with 19 starts compared to 365 in April 2014. Single-detached starts were also off, with 97 starts in April compared to the 196 starts last year.

“The trend in total housing starts declined further in April after local home builders scaled back production of both single-detached and multi-family units,” said Goodson Mwale, CMHC’s senior market analyst for Saskatchewan.

“Rising new home inventory and moderating economic fundamentals will prompt a slower pace of housing starts this year,” he added.

So far this year, construction has started on 695 new housing units in the Saskatoon CMA, down from the 1,161 started during the same period last year.

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