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NATIONAL HOUSING starts rose to
a seasonally adjusted annual rate
(SAAR) of 111,100 units during the
closing three months of 1995, up
6.1% from third quarter.

For all of 1995, new construction fell to
110,933 housing starts, 28% below 1994,

“In spite of the increase in the fourth
quarter, home building is still very weak by
historical standards,” said CMHC econo-
mist Gilles Proulx.

In urban centres, total starts were up in
the fourth quarter as single-detached unit
Starts rose to 48,000 (SAAR) while multiple
units construction was down to 39,100
(SAAR). Smaller centres, with less than
10,000 population, also posted higher starts
at 24,000 (SAAR).

Across regions, construction activity rose
by more than 10% in Ontario (up ¢o°38,300
SAAR) and Quebec (up to 21,400 SAAR),
but recorded smaller changes in British
Columbia (up to 25,200 SAAR) and in the
Prairie (down to 17,800 SAAR) and Adantic
regions (down to 8,400 SAAR).

On an annual basis, construction of both
single-detached and multiple units recorded
similar declines of 28% 10 64,425 and
46,508 respectively.

“New construction was affected by high
mortgage interest rates at the beginning of
the year, slow job creation and retreating
consumer confidence,” Proulx said.

_, “As well, surplus units in the ownership
and rental markeis held down new construc-
tion,” he added.

Bae
In Ontario, there were 35,818 housing

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al estate

Starts

ise at year end

starts, 23% lower than 1994 as single-
detached starts fell nearly a third. Multiple
unit construction shrank by slightly more
than 5%.

This relatively good showing of the mul-
tiple segment reflects. generally tight rentai
markets gad lean inventories of new unsold
condominiums.

Quebec activity fell 36% to 21,885 hous-
ing starts, mainly due to multiple units
being reduced by nearly half. while single-
detached construction fel] by 27%.

Inventories of unsold new condominiums
and rental apartment vacancy ~ates have
been reduced substantially as a result of the
slow pace of multipie consizuction.

In British Columbia, a 31% deciine in
construction to 27.057 units was evenly dis-
tributed between single-detached and multi-
ple starts.

[n spite of the decline, the level of new
units coming to the market still exceeded
demand, thus leading to rising inventories of
unsold units.

Rental apartinent vacancy rates were alsa
rising.

In the Prairie region, construction fell in
all three provinces,

There were 13,906 warts in Alberta
(down 21% from 1994), 1.963 in Manitoba
(down 39%) and 1,702 in Saskatchewan
(down 19%),

In the Auantic region, Nova Scotia had
the best performance with a reduction of
12% in housing starts, to 4,168 units.

[n total, 2.300 housing units were started
in the province of New £ Brunswick (down
28%), 1,712 in Newfoundland (down 24%)
and 422 in Prince Edward Island (down
37%).

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1837 Lynn Volley Road, Nort Vancouver
HOUSE NEEDED LOTS OF WORK SUT WE

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987-1245
SANDY BEACH -

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John McKiltigan
7 mute racd |

BAY cIry REALTY INC.

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986-4371

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2 EER 2 aN
BELOW ASSESSMENT VALUE

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JEFF LEE 986-4371 _

OPEN SUN 2-4:
325 W. 24TH: ST., ALV.

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