May 8, 2014 2:49 pm

New housing prices decline in Saskatoon, starts up

Reports say new housing prices in Saskatoon dropped in March while starts were up in April.

File / Global News

OTTAWA – Two reports came out Thursday looking at the state of new housing prices and starts in Saskatoon.

The first report from Statistics Canada found the price of a new home dropped 0.1 per cent in March.

StatsCan said the price decline was the result of lower list prices and negotiated selling prices.

It was the first price decline since July 2013.

On a year-over-year basis, new home prices were up 2.9 per cent from March 2013.

Canada Mortgage and Housing Corporation (CMHC) also reported on Thursday the number of new housing starts in the city for April.

CMHC reported new housing starts were trending upwards, with construction started on 561 units, led by an increase in the multi-family sector with 365 starts.

CMHC senior market analyst Goodson Mwale attributed the increase to more condominium and rental apartment starts.

So far this year, there have been 1,161 new housing starts in Saskatoon, up from 632 over the same period last year.

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