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CMHC reports 35% drop in Hamilton housing starts

CMHC says 206 new homes were built in Hamilton last month, down from 319 in June of last year.
CMHC says 206 new homes were built in Hamilton last month, down from 319 in June of last year. (AP Photo/Jeff Roberson, File)

Canada Mortgage and Housing Corporation is reporting a 35 per cent decline in housing starts in Hamilton last month.

CMHC says construction began on 206 homes in the city in June, down from 319 in June of last year.

Construction of single-detached homes in Hamilton remained strong, with 101 recorded last month compared to 84 in June 2016.

Housing starts in Niagara remained virtually unchanged year over year.

“All regions are on pace to surpass construction levels from 2016 except for British Columbia,” said CMHC chief economist Bob Dugan.

READ MORE: Home prices to remain flat across Canada in 2018, says RBC – is this the new normal?

Total housing starts in Toronto fell by 22 per cent last month compared to June 2016.

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CMHC says limited resale supply in combination with strong home buying demand in Toronto have led more buyers to purchase pre-construction units.

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