Saskatchewan housing starts highest in 33 years
Housing starts in the Regina area were down 3% in January, with 269 total starts compared to 277 in Januray 2012, according to Canada Mortgage and Housing Corp. (CMHC). There were 68 single-detached housing starts compared to 57 in January 2012 and 201 multiple-unit starts, down from 220 in the same period last year. The decline is due to builders scaling back production of multi-family units following the record year of construction in 2012.
In 2012, Saskatchewan posted the highest number of housing starts since 1979. Urban housing starts in Saskatchewan increased 40% in 2012 compared to 2011, placing Saskatchewan first among the provinces in terms of percentage change. In December, urban housing starts increased by 70.7% compared to December 2011, the second highest percentage increase among the provinces.
Saskatchewan continued to be among Canada's economic growth leaders in 2012 producing favourable results for the province's housing markets, with impressive gains in employment, income, and net migration, housing starts are on pace to increase for the third consecutive year, reaching what will be a 33-year high.
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