PG Housing Starts Up
Prince George, B.C. – April was a good month for the construction industry in Prince George.
The Canada Mortgage and Housing Corporation (CMHC) says there were 126 housing starts in April compared with 36 units in 2015.
“This was largely driven by the multiple unit side of the market where there was 110 units that got underway for the month compared to 18 in April of last year,” says senior market analyst Taylor Pardy.
“And so this jump in multi unit construction was a result of a large condo project that got underway.”
The news wasn’t as positive though when it came to single dwelling starts.
“Those are actually down relative to the first four months of 2015 (and down from 18 in April 2015 to 16 in 2016). There were 52 last year compared to 39 to date this year which represents a difference of 15 units,” he says.
“Builders may be looking to complete new projects that are currently underway before moving onto new ones which has led to a moderation in the number of units under construction in the last few months.”
Year to date housing starts have more than doubled with 152 in 2016 compared to 73 in 2015 – again thanks to multiple dwelling starts.
CMHC says there has been 113 so far this year compared to 21 in 2015.