NATIONAL HOUSING | starts
bounced back 7.5% in November
to 104,400 units at a seasonally
- agijusted annual rate (SAAR) from
97,100 units in October, reports
Canada Mortgage and Housing
Corporation (CMHC).

In urban centres, starts of sin-
gle-detached dwellings rose 1.7%
in November to 47,600 units
(SAAR), compared with 46,800
units in October. Multiple unit
construction moved up as well, to
38,800 units (SAAR), a 20.1%
gain from the 32,300 units the pre-
vious month.

“November's rebound. was
expected as multiple Starts were
unusually low in October," reports
CMHC economist Michel Laurence.
“However, there are factors which
may lessen future gains in new home
building.

“Sales of existing homes have
eased over. the last two months on

“a seasonally adjusted basis and, a
os big drop in ful) time employment

in October may offset the benefits”

--of “recently Jowered mortgage
rates,” Laurence added.

~ British Columbia: urban ‘starts
shot” “up 27% (SAAR) over: the
same period. This gain reflected a
47%' increas in construction of

* multiple units, mostly. condomini- _

and oe

beted by f

(eG re

um apartments. Single-detached
starts moved up as well.

Ontario urban starts also rose,
as they jumped more than 20% in
November relative to the previous
month on a SAAR basis. Both sin-
gle-detached and multiple units
contributed to the increase. New
construction of condominium
apartments and freckold row units
in Toronto boosted the provincial
total.

Quebec urban starts fell 6.8%
from October to November, on a
seasonally adjusted basis. The
decline was concentrated in multi-
ple unit construction in the
Monireal area. Starts of single-
detached dwellings were up slight-
ly.

Activity in the Prairies. was
down 14.7% in November com-
pared to Octoier (SAAR) where
all three provinces had fewer starts

with the drop due mainly to

reduced construction of multiples.

Inthe Atlantic .region, starts
activity fell 9.2% over the same
period. “Construction in New
Brunswick, which. declined more
_.than 50%, brought down. the

regional total. Activity was higher .

in Nova Scotia; Newfoundiand,
and Prince Edward Island on a sea-
sonally adjusted basis.

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Going short saves. money.

CHOOSING A one-year mortgage

-and renewing it yearly, instead of a

five-year term loan, has been the
least cosily to consumers cight
tirnes out of 10 since £980.

“However,” — said
Mortgage and . Housing
Corporation (CMHC) economist
Mare Pellerin ti the latest edition
of Mortgage Market Trends, “The
lower cost'of a one-year term
should be weighted against the zisk
of renewal at much higher interest
rates.”

Pellerin adds that “While the

strategy of ‘going shart’ may pay

Canada,

oi
like: interest rate volatility or have

high mortgage debt relative to their’

inconie, should consider focking in

for five years.” :
Another: article:

“reports that mortgage: lending.
activity rebounded during this past -

July-September period. .
The value of home mortgages
outstanding rose by 1% to $337.5

billion compared. with an increase.

of .4% during the second quarter
of 1995. . ;

“Prospects for
improvement in mortgage lending

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‘ar some people, those who dis-*

a

significant :

activity appear limited in the: near °°

term,” said’ Pellerin. “The, recent
decline in. “mortgage rates is good .
‘news but higher“ employment i
also needed to boost housing c
-ity:and ‘mortgage lending.” .
‘Also’'in “the latest issuz of
Mortgage. Market Trends is -a
report on ‘lenders’. views on the.
-Tmortgage market in 1996. Two:
‘lenders: believe mortgage rate dis-
counting: is not the key factor, in.
keeping . or attracting client 5.
Rathez, they view client service'as :
-the key success factor in the’ long:

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