Anemic Local Housing Market Slows Further – Housing Starts Down 21.2%

Canada Mortgage and Housing (CMHC) is reporting a 21 percent drop in housing starts for the Abbotsford-Mission CMA in the month of August from August 2012.

The decline from July, from 15 to 13 was only a 13 percent drop compared to the 21.2 percent decline from July to Augusts for the Canadian economy as a whole which has brought down the value of the Canadian dollar.

Despite an increase from 13 to 19 single-detached homes on which ground was broken, a decrease from 15 to 3 in the ‘all others’ category.

The city of Barrie, Ontario, with population of 182,000, saw a decrease from 111 single-detached home starts in August of last year to 86 in August of this year.

By comparison, Abbotsford-Mission, with a population of 170,000, has posted a total of 121 starts for single detached homes from January 2013 to August 2013. That’s an average of an anemic 15 homes per month.

Vancouver and Victoria posted declines of 14 per cent and 5 percent respectively.

For the CMHC Tables simply click here.

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