Housing Starts Up In November
Home builders in the London area were busier in November than they were in the same month last year.
The Canada Mortgage and Housing Corporation says work began on 222 homes in the London census metropolitan area, which includes London, St. Thomas, and surrounding communities.
That’s up from 124 in November of 2013.
The increase was largely the result of more construction of multiple unit dwellings. The number of single detached homes being built fell last month compared to November of 2013.
“Higher row home starts over the past six months pushed up the November total starts trend. Higher row home starts were due to a tighter resale market for homes priced from $250,000 to $350,000 and a relatively low inventory of new units in the same price range,” says Anthony Passarelli, Senior Market Analyst with CMHC. “Builders have increased production of row homes, in part, to have more move-in ready units available to compete with the resale market.”
So far this year, work has begun on a total of 1,910 homes in the London area, compared to 1,875 from January to November 2013.