The number of new Saskatoon housing starts has dropped by over half in November compared to a year ago.
The Canadian Mortgage and Housing Corporation (CMHC) reported Thursday that there were 124 total starts during the month, compared to 295 in November 2015.
The drop was led by a steep decline in multiple unit starts. Construction started on 25 units in November 2016 compared to 207 the previous year.
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Last month, CMHC reported that the apartment vacancy rate in Saskatoon was at a record level.
There was an increase in single-detached housing starts during November, 99 compared to 88 a year ago.
“The singles sector in Saskatoon has continued to see a recovery in housing starts this year following a sharp reduction in the previous year,” Goodson Mwale, the CMHC’s senior market analyst for Saskatchewan, said in a release.
“Nonetheless, continued weakness in economic and labour market conditions will constrain total housing starts in 2016.”
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Overall, there have been 1,767 housing starts in the Saskatoon CMA during 2016 compared to 2,096 over the same period last year due solely to a decline in construction of new multiple units.