New housing starts in Saskatoon decline

Global News, July 9, 2015- SASKATOON – New housing starts in Saskatoon continue to decline. Canada Mortgage and Housing Corporation reported Thursday new starts were down 34 per cent in June from the same period last year.

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

Single-detached starts fell 41 per cent, from 205 to 120, while multi-unit starts were off 21 per cent to 96 from the 121 starts in June 2014.

“With inventory still elevated and key drivers of housing demand moderating, we expect fewer homes to be initiated in 2015 than in the previous year,” said Mwale.

A recent report from the Saskatoon Region Association of Realtors said there were roughly 2,100 houses listed as of early July and taking an average of 45 days to sell.

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