36 - Friday, April 5, 1996 - North Shore News

Single dweil

ing

upturn

offset by multiples’ fall

RESIDENTIAL CONSTRUC-
TION will hold steady in 1996,
as an increase in starts of sin-
gle-detached dwellings will be
offset by a further drop in mul-
tiple unil construction, reports
Canada = Mortgage — and
Housing Corporation (CMHC)
in its first-quarter National
Housing — Outlook (NUO)
repurt,

Total housing starts are -

expected to reach 111,000
units this year, matching the
1995 level. Single-detached
starts will be up 11% to
71,800. Construction of mul-
tiple units will drop by 16%
to 39,300, the fourth drop in
as many years. For 1997,

total starts are forecast at
117,500.

“The upturn in _Single-
family home construction is
thanks to an affordable mar-
ket and the ripple effect of a
more active resale market."
said CMHC economist Gilles
Proulx. “As to multiple starts,
recovery will be prevented by
large inventories of new
unsold condominiums and
high rental vacancy rates.”

In British Columbia, con-
struction will fall again, this
time by 14% to 23,400 units,
because of the current sur-
plus of multiple units. There
will be some improvement in
the Prairie region, however,

with more starts in Alberta
and Manitoba and steady
construction . in
Saskatchewan,

Ontario has the — best
prospects, with futal starts
rising 9% to 39,000, duc to a
better affordability and hous-
ing markets more in balance,
In the Quebec market, slow
demand means construction
will stay very weak at 22,200
units, up only 1% over 1995,

In the Atlantic region,
New Brunswick will see
more activity. Construction is
expected to be .steady in
Prince Edward Island while it
should fall in Nova Scotia
and Newfoundland.

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