New Saskatoon housing starts down slightly in October

New Saskatoon housing starts dropped slightly in October on a year-over-year basis.

Canada Mortgage and Housing Corporation (CMHC) reported on Tuesday that the number of new starts for the month was 142 compared to 146 in October 2015.

READ MORE: CMHC issues ‘red’ warning for Canada’s housing market

Construction on single-detached homes rose to 80 units from 63 while multi-family unit starts fell to 62 units from 83.

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“The trend in total housing starts declined in October after a rising trend in single-detached construction was more than offset by a declining trend in multi-unit starts,” Goodson Mwale, CMHC’s senior market analyst for Saskatchewan, said in a release.

Mwale added that new starts for the year are expected to be within the updated CMHC forecast despite a weak labour market and high inventory levels.

READ MORE: Saskatoon housing market shows strong signs of overbuilding: CMHC

Last month, CMHC warned that the Saskatoon real estate market shows strong signs of being over-built, with the number of completed and unsold homes rising sharply in the second quarter despite a decline in housing starts.

So far in 2016, construction has started on 1,643 new houses compared to 1,801 for the same period last year.