Housing Starts Fall In September
There is mixed news when it comes to housing construction in the London area.
According to the Canada Mortgage and Housing Corporation, work began on fewer new homes in September compared to the same month last year. However, there was an increase in the number of new single-detached homes being built.
September saw construction begin on 219 new homes in the London Census Metropolitan Area, which includes London, St. Thomas, Central Elgin, Southwold Township, Strathroy-Caradoc Township, Thames Centre, and Middlesex Centre.
That’s down from 260 in September 2013.
Work began on 153 single-detached homes last month, compared to 84 in September of last year.
“Single-detached starts were at the highest level of the year, supported by growing demand for resale homes in the first half,” says Anthony Passarelli, Senior Market Analyst with CMHC. “More existing home owners put down a deposit on a pre-construction unit as they gained confidence in their ability to sell their current home in the months leading up to completion.”