Housing Starts Continue to Grow
As the weather heats up, housing starts continue to increase for 2014.
Canada Mortgage and Housing Corporation reports starts were trending at 1,886 units in May compared to 1,743 in April*.
Louis Laroche, Market Analyst with CMHC says of the greater-London area, “Supported by international arrivals and migrants moving in from within the province, seasonally adjusted starts have improved from the month of April. Although cumulative starts numbers for the year are lower than at the same time last year, the sub-markets outside of the City of London and the City of St. Thomas have shown resiliency. Overall, the resale market is in a balanced state which suggests we should expect moderate levels of home construction”.
The CMHC says work began on 215 homes in May, compared to 509 in May of last year.
*The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.