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Housing starts on track to surpass 2012 levels

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A surge in construction of new apartments and condominiums kept local homebuilders hopping in October.

Canada Mortgage and Housing Corporation (CMHC) said today 379 new single- and multi-family housing starts were recorded during the month in the Winnipeg Census Metropolitan Area (CMA), which includes Winnipeg and 10 neighbouring municipalities.

That was a 24 per cent increase from the 306 new units that were started in October of last year.

All of the increase was on the multi-family side of the new-homes market, where starts soared by 75.6 per cent to 230 units from 131 a year earlier. The number of single-family starts, on the other hand, dropped by 15 per cent to 149 units from 175.

The healthy level of overall construction activity during the month left combined starts for the year running 12.1 per cent ahead of last year’s pace after the first 10 months — 4,002 units versus 3,569.

"The trend in total housing starts moderated slightly in October, yet remains at an elevated level based on strength in the multi-family sector," said Dianne Himbeault, CMHC’s senior market analyst for Winnipeg.

"While the trend has recently moderated, housing starts in Winnipeg remain on track to surpass 2012 levels," she added.

 

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