Prince George, B.C.  - Housing starts were not only down in Prince George in the first quarter of 2009, they slowed right across the province.

 

From January to March in Prince George, only eight single detached homes were started in the first three months of the year. Last year, during the same period, 28 homes started. That makes for a decrease of 71.4%

Provincially, there were 2,517 homes started in the first quarter, just a fraction of the 8,532 that were started during the same period in 2008.

 

“Developers and homebuilders in BC are starting fewer new homes in response to a well supplied resale market and weaker housing demand” says Carol Frketich, CMHC BC Regional Economist.

 

CMHC predicts housing starts will decline in 2009 as the economy and job growth slow and an abundant supply of existing homes for sale reduces demand for new housing.