Saskatoon Housing Starts Increase

According to Canada Mortgage and Housing Corporation (CMHC) housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 3,598 units in September. The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts. The standalone monthly SAAR was 5,624 units in September, compared to 3,757 in August.

“Demand for new homes in Saskatoon continues to be supported by full-time job creation, rising wages, and positive net migration. Gains in both the single-detached and multi-family markets fuelled the heightened pace of construction in September,” said Lai Sing Louie, CMHC’s Regional Economist for the Prairie and Territories Region.

Single-detached homes in September totalled 231 units, up from 132 units a year earlier. After nine months, single-detached starts reached 1,525 units, compared to 1,239 during the same period in 2011. Multi-family starts, which include semi-detached units, rows, and apartments, totalled 254 units last month, an increase from 125 in September 2011. To the end of September, 1,065 multi-family units were started compared to 992 in 2011.

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