News
January 01, 2012
Housing starts to gain ground in November
The Canada Mortgage and Housing Corporation says Calgary housing starts rolled to its fourth straight month of gains in November with a total of 1,106 units breaking ground up from the 555 units from the same month last year. To the end of November, total housing starts reached 8,322 units, narrowing the gap from last year’s 8,776 total.
“(November) represents the fourth consecutive month where starts have increased on a year-over-year basis,” says CMHC’s Senior Market Analyst for Calgary, Richard Cho.
“While the pace of activity has improved from earlier in the year, the recent year-over-year gains are also due to a comparatively weaker second half in 2010 when starts declined.”
Single-detached builders started work on446 units in November, up 22 per cent from the 366 units recorded from 2010. Although after 11 months, single-detached starts totaled 4,619 units, down 15 per cent from 2010.
Multi-family starts totaled 660 units in November, up from 189 units in 2010. “this was the highest number of November starts since 2006 and the second highest since 1982.
Year-to-date multi family starts increased 11 per cent from 3,327 units in 2010 to 3,703 units in 2011.
