May Housing Starts boom in Regina
Regina posted a whopping 125% increase in housing starts in May, with foundations poured for 329 housing units last month, compared to 146 during the same period in 2012, according to Canada Mortgage and Housing Corp. (CMHC)
There were 185 multi-family dwellings started in May, compared with only 29 in May 2012. Single-detached starts were ahead of last year by 23% with 144 starts and 117 in May 2012.
Year to date, there were 1, 177 total housing starts in Regina. This is down 5% from the 1,244 during the first five months of 2012. The 493 single-detached starts is ahead of last year's 486 and multiples were down 10% fo 684 compared with 758 for the same period last year.
Regina Mayor, Michael Fougere, stated that we need a variety of housing to address the needs of all residents. Our current vacancy rate is 1% and will need to do much more to achieve our vacancy rate target of 3% by 2017.
The trend in total housing starts increased in May as construction of both single-detached and multi-family homes recorded significant gains. Strong job growth and population gains continue to support housing demand in Regina. Supply levels remain elevated, which will be a restraining factor to overall housing starts this year.