SASKATOON – There was an increase in new housing starts in Saskatoon and area during 2014. According to preliminary numbers released by Canada Mortgage and Housing Corporation (CMHC), 3,531 were units started last year compared to 2,980 units in 2013.
The increase was led by multi-family construction, with 1,954 starts reported in 2014 for the Saskatoon census metropolitan area (CMA) compared to 1,322 the previous year. Single-detached starts were down slightly year-over-year at 1,577 compared to 1,658 in 2013.
“The faster pace of housing starts in 2014 was supported by strong economic fundamentals and increased demand for lower-priced options in the multi-family sector such as condominium apartments and townhouses,” said Goodson Mwale, CMHC’s senior market analyst for Saskatchewan.
READ MORE: Saskatoon housing starts expected to moderate: CMHC
The increase in starts didn’t slow down in December. CMHC reported 202 total starts for the month compared to 179 in December 2013. Of those, 136 were multi-family starts, up from 94 the previous year, while single-detached starts were down 19 units to 66.
In Saskatchewan, total urban starts were at in 7,225 in 2014 down slightly from 7,258 in 2013. Starts in the Regina CMA decreased by nearly 899 units in 2014 to 2,223 on a year-over-year basis.
With files from David Giles
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