Housing starts in the Saskatoon census metropolitan area (CMA) were down in 2016, according to preliminary numbers released by the Canada Mortgage and Housing Corporation (CMHC).
The report, released on Tuesday, states that Saskatoon’s housing starts totalled 1,909 units in 2016, a 17 per cent decrease from 2,293 units in 2015.
There was a 37 per cent year-over-year reduction in multi-unit starts; however, a nine per cent gain in single-detached construction helped with 2016 production in the CMA.
READ MORE: Economic downturn? Saskatoon’s hotel inventory continues to climb
Construction started on 142 Saskatoon units in December, down 55 from the same month the previous year.
“The trend in total housing starts edged higher in December after local builders increased production of single-detached units,” Goodson Mwale, CMHC’s senior market analyst for the province, said.
“Nonetheless, there were fewer overall housing starts in 2016 than in the previous year, as weaker economic conditions and elevated inventory slowed the pace of new construction.”
READ MORE: New Saskatoon housing starts off over 50% in November
Saskatchewan’s total urban starts were at 3,878 by the end of December, down from 4,332 in 2015.
CMHC’s preliminary housing starts for Canada last year were at 180,647.
Comments