Housing Starts Down In January

By 250 News

Prince George, B.C.-  Housing starts in Prince George area  were down 76% in January over the same month a year ago. 

In Prince George there had been 17 single family home starts in January last year, compared to just 4  last month.

Canada Mortgage and Housing Corporation says the  National seasonally adjusted annual rate of housing starts declined to 153,500 units in January from 172,200 units in December of 2008.

“To a certain extent, the decline in housing starts coincides with recent developments in the existing home market. Reduced sales and increased listings in the existing home market have led to reduced spillover demand in the new home market,” said Bob Dugan, Chief Economist.

Across the country, the seasonally adjusted annual rate of urban starts decreased 15.6 per cent to 126,700 units in January. Urban multiple starts decreased 12.2 per cent to 76,700 units, while urban single starts fell 20.2 per cent to 50,000 units in January.

January’s seasonally adjusted annual rate of urban starts moderated in all of Canada’s five regions. Urban starts declined 29.1 per cent in British Columbia, 8.6 per cent in Atlantic Canada, 1.4 per cent in Quebec, 14.6 per cent in Ontario and 30.3 per cent in the Prairies.

year. Actual starts in urban areas have decreased by an estimated 40.4 per cent compared to the same month in 2008. Actual urban single starts for 2009 are 44.2 per cent lower than they were a year earlier while urban multiple starts are down 38.1 per cent.

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