The number of housing starts was down slightly in the London area in March. The Canada Mortgage and Housing Corporation (CMHC) said there were 70 housing starts in London-St.Thomas last month including 56 single-detached and 14 multi-family-units. That's down from 74 starts in March 2012, all single-detached. The CMHC noted there were 213 total housing starts from January to March this year, down from 257 in the first quarter of 2012.
CMHC analyst Alexaner Bonyman said the apartment market in London is expected to imporve later this year with more baby boomers and young professionals looking for rental accomodation.
The Housing starts were consistent with discouraging economic news in the London area recently. Unemployment in London-St.Thomas has jumped in the last 2 months and now stands at 9.6%
Sales of existing homes in the region were down 20% last month. Across Canada the number of housing starts was up slightly last month.