Housing Starts Up in July
Prince George, B.C. – Total housing starts were up in Prince George last month.
According to the Canada Mortgage and Housing Corporation (CMHC), there were 29 single family home construction starts in July, up from 14 in the same month a year ago.
But there were no multiple family dwelling starts this July compared to four in July, 2015.
Year to date figures show there were 94 single family starts by the end of July 2016 compared to 95 over the first seven months of 2015.
There has been a big increase though in multiple family dwelling starts over the same time period with 70 by the end of July 2015 compared to 116 this year.
That increase in multiple family dwelling starts has pushed the year to date housing starts to 210, well above the 165 starts the first seven months of last year – an increase of 27 percent.
“Right now new construction activity in Prince George is expected to be significantly higher ending off 2016 as a result of the jump in multi-unit construction,” says CMHC’s senior market analyst Taylor Pardy.
“And then in 2017 we are expecting housing starts to come back in line with the last five-year average.”