Healthy Boost to Housing Starts in PG
Prince George, B.C. – Housing starts in the Prince George area are well ahead of where they were last year at this time, and Central Mortgage and Housing credits the boost to a strong resale market throughout the province.
“Demand for new homes has matched supply, keeping inventories of completed and unabsorbed homes in check” says Carol Frketich, CMHC Regional Economist for BC.
CMHC says that as of the end of July, there have been 165 new housing starts in Prince George, compared to 69 at the same time last year.
The construction figures reflect 95 single family homes have been started so far this year, compared to 62 during the same period a year ago. The number of multiple family dwellings has increased tenfold, with 70 such starts in 2015, compared to just 7 a year ago.
Among the BC communities with populations of 50 thousand or more, only Kamloops saw a decline in year to date housing starts. Kamloops has had 239 such starts since January, compared to 259 in the same period a year ago.