Construction Starts Remain Strong in Regional District

By 250 News

Construction stats for the month of July in the Regional District of Fraser Fort George  continue to show  increases.

The increased activity also means an increase revenue for the Region in  permit fees.  Last year  the Regional District had collected  $85,607. in  building permit fees by the  end of July.  This year,  that amount has increased to $127,572.00  

Canada Mortgage and  Housing is predicting the housing construction market will  soon start to slip. According to CMHC,  national housing starts will moderate in 2007, reaching 220,000 units, a decrease of 3.2 per cent from 2006.  CMHC further predicts that  residential construction will continue to slip in  2008 to 207,200 units.  Despite the  drop,  2008 will  be the seventh straight year that housing starts exceeded 200,000 units.

At the provincial level, CMHC says B.C. will stay above historical averages but will decline slightly. Income growth, a tight labour market, and high levels of consumer confidence will help to offset the dampening effect of rising mortgage carrying costs on the demand for new and existing homes in British Columbia. Housing starts will decline slightly from 36,443 units in 2006 to 35,525 units in 2007, and continue to ease to 32,500 units in 2008.

The renovation market will remain strong.   CMHC figures renovation spending will continue its upward trend through to 2008 thanks to strong growth in the Canadian economy, low mortgage and interest rates, and a solid housing sector. In 2007, renovation spending will increase by 9.8 per cent to reach $49.9 billion and will hit $53.3 billion in 2008.

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