New home construction got off to a slow start this year in the London, St.Thomas area, reflecting provincial and national trends. The Canada Mortgage and Housing Corp. (CMHC) reports 66 housing starts in the London area in January, compared with 95 in the same month last year. The January starts included 46 single-family and 20 multi-family uits.
Despite the slow start CMCH expects the housing market to be similar to 2012 where there was 2,240 starts, a significant improvement over 2011. Across Canada, annualized housing starts tumbled 18.5% in January. It was the lowest level of housing starts since August 2009. The slowdown affected single and multi-family units.
Ontario saw the steepest decline in January, mainly due to a slowdown in the Toronto condo market..