CMHC optimistic about future housing starts
Canada Mortgage and Housing Corporation reports that Kelowna area housing starts totaled 60 homes in June 2011, decreasing from 131 homes the same month a year ago.
Builders started 42 single-detached homes in June. Fewer multifamily housing starts accounted for most of June’s lower level of construction compared to a year ago.
“Part of the reason for the lower level of multi-family starts this June compared to last was that rental apartment construction pushed up housing starts in June 2010,” explained CMHC market analyst Paul Fabri.
With the inventory of new, completed and unoccupied detached and multi-family homes moving lower, CMHC forecasts higher levels of new home construction during the second half of 2011.
Kamloops, Vernon and Penticton area housing starts in June were also down from levels recorded in June 2010.
Nationally, the seasonally adjusted annual rate of total housing starts in June increased to 197,400 units from 194,100 units in May.
In British Columbia, June’s seasonally adjusted rate of urban housing starts moved lower to 21,200 units from 29,300 units in May.