The Prince George homebuilding industry enjoyed its most productive third quarter since the Canada Mortgage and Housing Corporation began collecting statistics, says a CMHC market analyst.
"A total of 96 single-detached homes were started between July and September, the busiest third quarter on record going back to 1988," Andy Ni said Tuesday.
This year's third-quarter figure for starts on single-family homes was up 14 per cent from the 84 recorded during the same three months last year, the CMHC said.
"The ongoing low interest rates and strong labour market in the region have underpinned the confidence among both homebuyers and homebuilders," Ni said. "More housing starts will increase housing supply in Prince George, give more choices to consumers and eventually bring the market to more balanced conditions."
Construction also started on projects totalling 29 multiple-housing units in the city during the third quarter of this year, up from two during the third quarter of 2005, according to CMHC statistics.
Most of the multiple starts came from phase three and four of the Asher Place seniors residence on Hopkins Road, Ni said.
When single-family and multiple-unit housing starts figures are combined, statistics indicate a total of 125 housing starts between July 1 and Sept. 30, an increase of 45 per cent over the 86 noted during the third quarter of last year, Ni said.
In the month of September alone, there were 24 housing starts in the single detached category in Prince George, an increase of 4.3 per cent from 23 in September 2005. Work started on two multiple housing units in September, up from zero during the same month last year. Total housing starts in all categories reached 26 last month, up 13 per cent from September 2005.
Year to date there have been 210 starts on single-family homes in Prince George, a rise of 7.7 per cent from 195 last year. Construction started on projects with 37 multiple-housing units between Jan. 1 and Sept. 30, up 85 per cent from 20 during the same period last year.
Housing starts in all categories in Prince George reached 247 by Sept. 30, up 14.9 per cent from the 215 recorded during the first nine months of 2005, CMHC figures show.
Across the province, year-to-date housing starts in urban centres reached 24,853 units, a 7.5-per-cent increase compared to the first three quarters of 2005.
However, in the Vancouver metropolitan area, housing starts fell for the second straight month in September. Starts there declined 35 per cent to 1,300 units last month compared to the same month last year, said Cameron Muir, senior CMHC market analyst in Vancouver.
Post a comment
Temporarily disabled — coming soon!