PG Housing Starts Up Year Over Year Despite October Dip
Prince George, B.C. – Housing starts dropped sharply in Prince George last month, but according to the Canada Mortgage and Housing Corporation (CMHC), it’s not indicative of overall market activity this year.
New stats show total housing starts dropped from 23 in October 2014 to 8 in October 2015.
“On the multiple family side, no units got underway for the month which was down from seven units started in the same month last year,” says senior market analyst Taylor Pardy.
“And single detached starts were down to eight units in October compared to 16 in the same month in 2014.”
But despite the drop, he says overall market activity in 2015 is still up.
“So far in 2015 there have been 136 single detached starts in Prince George compared to 104 over the same period in 2014. And on the multiple family side there have been 73 starts this year compared to just 14 over the same period in 2014.”
Looking ahead, he’s predicting steady growth.
“The current forecast for Prince George is that total starts will reach 230 units to end off 2015, followed by 210 in 2016 and 220 in 2017.”
What does he attribute the steady growth to?
“Construction starts will be supported over that horizon by the low Canadian dollar which may lend support to export and service oriented sectors,” says Pardy.”As well as population growth and in particular, a tighter resell market.”