According to Canada Mortgage and Housing (CMHC), despite a 1080 percent increase in housing starts in the apartment/others category, the 350 percent overall rise in the Abbotsford-Mission CMA was tempered by a 15 percent decrease in starts of single-family-detached homes.
The apartment/others category can fluctuate dramatically if numbers have been low enough and a new apartment building is started. For instance in June of 2012 a total of ten apartments were begun while in June 2013 118 were started.
The single-family home category, however, fell 35 percent from 20 homes started last June to 17 in June 2013 bringing the overall housing starts for June 2013 in the Abbotsford-Mission CMA up by 350 percent.
Housing starts in Abbotsford-Mission have been on a ten-year steady decline interrupted only by a brief flurry of condo construction in 2006/2007.
For the full CMHC table click here.
According to MSN News, “Despite flooding in Alberta and a construction strike in Quebec, the annual rate of housing starts dipped only slightly in June, leaving economists divided over whether the market has achieved the desired cooling or is headed for an oversupply.”
“The Canada Mortgage and Housing Corp. estimates there were 18,215 actual starts in June which, extrapolated over 12 months, gives a seasonally adjusted annual rate of 199,586 starts.”
“That’s 2.5 per cent lower than the annual rate of 204,616 starts in May.”
[Full article]
To see what has happened to Housing Starts in Abbotsford over the last decade steady decline“>click here.
To follow Abbotsford’s Economic Indicators which the newspapers do not publish simply look in the Abbotsford Today Business Section or simply click here.
