SASKATOON – New housing starts in Saskatoon declined in May according to new figures released by Canada Mortgage and Housing Corporation.
CMHC says there were 194 starts during the month, down from 228 in May 2012.
The decline is due to a number of factors.
“While continued job growth and population gains from net migration have supported housing demands, elevated supply levels and the risk of rising inventories have slowed the pace of new projects so far in 2013,” said Goodson Mwale, CMHC’s senior market analyst for Saskatchewan.
“Local home builders scaled back production of multi-family units following last year’s record pace.”
There were 42 multi-family unit starts, down from 102 in May 2012 while single-detached starts rose to 152 from 126.
Overall, there have been 826 new housing starts in Saskatoon this year, down from 1,101 during the same period last year.
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