Winnipeg-area home builders launched fewer new projects in July, with the number of housing starts down 14 per cent from a year earlier.
Canada Mortgage and Housing Corporation (CMHC) said there were 611 new single- and multi-family starts recorded last month in the Winnipeg Census Metropolitan Area (CMA), which includes Winnipeg and 10 neighbouring municipalities.
The multi-family side of the new-homes market accounted for all of the decline. CMHC said starts there were down 23 per cent to 402 units from 525 in July 2013.
The single-family side saw the number of new starts increase by 15 per cent to 209 units from 182.
July’s overall slowdown left housing starts running 14 per cent behind last year’s pace after the first seven months of 2014 — 2,462 units compared to 2,878 units during the same period last year.
Both sides of the market contributed to the year-to-date decline. Single starts were down 18 per cent to 1,081 units from 1,315, while multi-starts were off by 12 per cent to 1,381 units from 1,563.
Nationally, the number of actual starts dipped by two per cent in July to 16,758 units from 16,445 a year earlier. However, year-to-date they were still running four per cent ahead of last year’s pace after seven months — 97,573 units versus 93,947.
However, the seasonally adjusted annual pace of new construction increased in July to 189,784 from 185,952 in June. CMHC said the increase came as the pace of urban starts increased slightly to 200,098 units from 198,665 in June.
— Staff/Canadian Press