Housing Starts Tumble 67 %

Economic Development Grinds To A Halt.

Fresh on the news yesterday that we still have the highest unemployment in Western Canada, it seems the rest of Canada appears to be catching up with Abbotsford-Mission showing a significant drop in housing starts which analysts are calling a sign that the housing market is cooling.

Even compared the nation drop ours continues to lead the pack.

After dropping an astounding 87 % in February the 67 % drop in March could be considered good news in the almost comatose building sector in Abbotsford-Mission.

Figures released Tuesday show we started to build only 10 semi-detached homes in March compared to 14 in March of 2013. We started to build two other buildings (commercial, industrial, institutional) compared with 22 a year ago.

Housing starts are one of the main economic indicators for the financial health and sustainability of a community as it reveals where investors are putting their money. And in Abbotsford-Mission it is not in building houses or other types of construction.

Figures across the country were down but few communities the size of the Abbotsford-Mission CMA (roughly 170,000 pop.) have experienced such an inactive housing construction sector as we have over the last several years. Vancouver increased two percent, while Victoria dropped four percent

Kelowna posted an increase of 128% from 32 starts to 73. Waterloo posted an increase of 135% from55 to 129. Saskatoon experienced a similar percentage drop (-63%) but their drop was from 194 to 72 – numbers we haven’t experienced for years.

To see the CMHC Tables click here.

For a complete record of leading Economic Indicators in Abbotsford over recent years check in our Business section or simply click here.

Leave a Reply