New housing starts in Saskatoon off by over 1,200 in 2015

Construction on new homes in the Saskatoon CMA dived during 2015. A new report out Monday from the Canada Mortgage and Housing Corporation (CMHC) says starts were down 35 per cent compared to 2014.

Weaker economic conditions and elevated inventory were two factors cited by CMHC for the decline.

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“Local home builders initiated fewer housing units in 2015 compared to the previous year as they faced weaker economic conditions precipitated by falling oil prices and elevated new home inventory,” said Goodson Mwale, CMHC’s senior market analyst for Saskatchewan.

READ MORE: Saskatoon housing starts expected to slow down

Overall, there were 2,293 starts during the year, comprised of 1,000 single-detached homes and 1,293 multi-family units.

In 2014, construction started on 1,577 single-detached homes and 1,954 multi-family units for a total of 3,531.