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New-home construction pace slows in Winnipeg area

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The pace of new-home construction in the Winnipeg area slowed for the second straight month in November, Canada Mortgage and Housing Corporation said today.

The agency said 327 new single-detached and multi-family housing starts were recorded last month in the Winnipeg Census Metropolitan Area (CMA), which includes Winnipeg and 10 neighbouring municipalities.

That was a decline of 11 per cent from the 369 recorded in the same month last year, and came on the heels of a 36.1 per cent reduction in October.

The slowdown was evident in both segments of the market, with single starts down 10 per cent to 178 units, and multi-starts down 13 per cent to 149.

But despite the recent slowdown, total starts were still running 25 per cent ahead of last year’s pace after the first 11 months of 2012 — 3,896 units versus 3,120.

Nationally, CMHC said the pace of housing starts fell for a third straight month.

There were 17,646 actual starts last month, which translates to a seasonally adjusted annual rate of 196,125 units, down from 203,487 in October.

The decrease was mainly attributed to declines in single-detached and multi-unit housing construction in Ontario and British Columbia, the agency said.

— with files by Canadian Press

murray.mcneill@freepress.mb.ca

History

Updated on Monday, December 10, 2012 at 10:05 AM CST: fix

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