Tuesday, December 8, 2009

Housing starts rise for third consecutive month in Calgary and area

Lisa Schmidt, Calgary Herald

CALGARY - The number of housing starts in Calgary climbed again in November, the third consecutive month building has outpaced last year's levels.

Canada Mortgage and Housing Corp. said Tuesday that starts in the Calgary area rose to 832 units in November, up from 575 in the same month the previous year.

Despite that increase, total starts to date are 5,661, down from 11,035 for the same period in 2008, the agency said.

Still, the number of single-detached homes are already ahead the 2008 pace. There were 604 units built in November, up 79 per cent from the same month a year ago. So far this year, single-detached starts are up three per cent from last year's levels.

Richard Cho, CHMC's senior market analyst for Calgary, said a number of factors are contributing to the upswing in activity, including low mortgage rates, recent price reductions and fewer homes on the market.

Starts for multi-family units, which includes semi-detached, row and apartments, was down four per cent to 228 units compared to a year ago.

Comment: Nice to get some 'straight goods' industry reporting for a change.

John Prince, Alberta licensed real estate agent, Century 21 'The Professionals' (Crowsnest Pass). Serving the Crowsnest and area. Call me directly at 403-564-4518 or by email at: johnprince@shaw.ca

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