In Regina, there were 569 single-detached housing starts last year, down 42% from 979 in 2008. There were 361 multiple-unit starts which is slightly lower than the 396 recorded in 2008.
According to Canada Mortgage and Housing Corporation (CMHC), this makes 2009 the slowest year for single family home construction in the last 6 years. Housing construction in Regina peaked at 1,400 starts in 2007 and at 1,375 starts in 2008, after rising to 888 in 2005 and 985 in 2006.
CMHC is forecasting Regina housing starts to increase slightly to 950 in 2010. Senior market analyst Paul Caton with CMHC noted there are currently 624 homes under construction in Regina. That number of homes, on a year-over-year basis, has been trending down since May (2009.) As those inventories get eaten up, we should see housing starts pick up again.
Saskatoon recorded 1,101 single-detached starts, down from 1,288 single units in 2008. Multiple-unit starts ended the year with 327 starts, down significantly from the 1,031 in 2008.
In Saskatchewan’s other major centres, only Estevan and Yorkton saw a year-over-year increase in total housing starts in 2009 and all urban centres experienced a decline in single-detached housing starts.
Prince Albert recorded the highest number of starts in Saskatchewan centres outside Regina and Saskatoon, with 170 total units started.
“Housing starts are down for most of Saskatchewan this year, resulting in a decline in supply,” said Caton. “This will set the stage for an upswing in housing construction in 2010.”
Click here to read the article.
A professionally trained REALTOR® at CENTURY 21 Conexus Realty Ltd. can answer any questions you may have about the market in your particular area