March housing starts down slightly
Posted Apr 9, 2013 08:44:00 AM.
This article is more than 5 years old.
Housing starts in Waterloo Region were trending at over 1500 units in March, according to Canada Mortgage and Housing Corporation.
The trend is a six-month moving average of the monthly seasonally adjusted annual rates.
That rate was 781 units in March, down from 830 in February.
“A slowing economy in the last half of 2012 has resulted in many households putting their homebuying intentions on hold. For those households who moved ahead with their home purchases, many found their home in the well-supplied resale market. With less demand, new construction has slowed. With a surge in apartment construction in the past two years, a significant part of demand for both rental and condominium apartments has been satisfied and new planned condominium apartment projects will take longer to sell,” said Erica McLerie, CMHC’s Senior Market Analyst for the Kitchener-Cambridge-Waterloo CMA.
