Starts on single detached homes dropped 56 percent with All Other dropping 97%
According to figures released Tuesday by Canada Mortgage and Housing (CMHC) Abbotsford Mission had the largest decrease in the country on a par with Thunder Bay.
According to CMHC:
“Housing starts in Canada were 25.4 per cent lower in April of this year than they were the same month last year, a clear sign that Canada’s housing market has slowed considerably.
“According to data from Canada Mortgage and Housing Corp., housing starts ran at an annualized pace of 182,754 units this April, compared to 244,900 in April 2012. Housing starts fell 2.5 per cent from March to April, led by a decline in multiple urban starts (condos) of 3.5 per cent.
“A slowdown of this magnitude will likely take a toll on Canada’s employment numbers. Will Dunning, an economist with the Canadian Association of Accredited Mortgage Professionals, recently estimated that Canada will lose 190,000 jobs as a result of the housing slowdown.”
To see what has happened to Housing Starts in Abbotsford over the last decade steady decline“>click here.