Regina Homes & Condos For Sale|Regina Real Estate 

Good news on the building side for home owners.

Regina housing starts plunge 43% in June, but still on track with forecasts.

Housing starts in Regina declined by 43 per cent to 170 units in June, compared with 300 starts in June 2015, due to a significant reduction in multiple-unit starts, according to Canada Mortgage and Housing Corp. (CMHC). But single-detached starts were up  55 per cent in June.

Housing starts in the Regina area declined by 43 per cent in June from a year ago, led by multi-family dwellings, where only 80 units were started, compared with 242 in June 2015, Canada Mortgage and Housing Corp. (CMHC) said Monday.


But both CMHC and local home builders say the level of residential construction activity is on track with expectations for the year.


Total housing starts in June were 170, compared with 300 during the same month last year. Single-detached starts were up 55 per cent to 90 from 58 in June 2015, while multiple-unit starts were down 67 per cent during the same period.


For the year to date, housing starts totalled 587, down 28 per cent from 815 in the first half of 2015. Similar to June, most of the decline was in multiple-unit starts, down 54 per cent to 270 from 583 during the first six months of last year, while single-detached starts were up 37 per cent to 317 from 232 during the first half of 2015.  


Housing starts in the Regina area were trending at 1,227 units in June, compared with 1,073 in May, according to CMHC’s six-month moving average of seasonally adjusted annual rates (SAAR) of total housing starts.


“The overall trend in housing starts moved up in June, after both single-detached and multi-unit construction trended up from the previous month. After six months, total housing starts are unfolding in line with CMHC’s forecast range of 1,180 units to 1,470 units for 2016,” said Goodson Mwale, CMHC’s senior market analyst for Saskatchewan.

“Moving forward, weak economic conditions and elevated inventory of complete and unsold units will continue to constrain starts over the remainder of the year,” Mwale added.


 Stu Niebergall, president and CEO of the Regina and Region Home Builders’ Association, said the level of activity is consistent with forecasts and “indicates good stability in the new housing market.”


At the six-month point in the year, the Regina residential construction industry is tracking spot on (with) our forecast for the year. We were anticipating approximately 1,250 to 1,300 starts in 2016, with 50 per cent single-attached and 50 per cent multi-unit,” Niebergall said. 

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
Aaron Habicht
Cell:1-306-536-2454
Sutton Group - Results Realty
3904 B Gordon Road
Regina, SK
S4S 6Y3 CA
The Association of Regina REALTORS® Inc. (ARR) IDX Reciprocity listings are displayed in accordance with ARR's MLS® Data Access Agreement and are copyright of the Association of Regina REALTORS® Inc..
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Association of Regina REALTORS® Inc. displayed on this site is refreshed every 2 hours.