In Regina and area, residential construction was down slightly in March, with 182 total housing starts compared with 209 for the same period last year, according to the latest report from Canada Mortgage and Housing Corp., (CMHC). Elevated supply levels from 2013 and prolonged winter weather have prompted some builders to delay initiating new projects so far this year.
Year to date, Regina home builders poured foundations for 371 residential units - 206 multiple-units and 165 single-detached units. That compares with 565 total starts for the first three months of 2013, which included 361 multiple starts and 234 single-detached starts.
The Regina and Region Home Builders' Association forecast that housing starts will reach around 2,450 this year, about a 20% drop from 2013. However,it was noted that anything around 2,000 starts should be considered a healthy housing market in Regina.
The value of the residential projects - including single family dwellings, duplexes and semi-detached dwellings, multi-attached dwellings and apartments - totalled $384.3 million for the first eleven months, compared with $371 million for the same period last year.
If having a new place to call home is in your plan for 2014 contact Dwayne Michel.