84 - Friday, May 14, 1993 - Northh Shore News

REAL ESTATE

Housing starts virtually same as previous month’s activity

NATIONAL HOUSING Starts were 150,600 units in March, seasonally adjusted annual rates (SAAR), ac- cording to Canada Mort- gage and Housing Corp. (CMHC). This is down 0.3% from February's revised activity of 151,000 units SAAR.

The month-to-month changes in single and multi- ple unit activity virtually of- fset each other,

In urban centres, starts of single-detached dwellings fell 7% to 60,300 units, from 64,700 units SAAR in February. But multiple starts jumped to 64,300 units, from 60,300 units SAAR.

Regionally, starts were lower in the Prairies while they rose in all other regions.

“The amount of new construction has remained low since the beginning of the year, partly due to a harsh winter in central

Canada and the Atlantic region. Demand on the resale market also damp- ened at the beginning of the year,”’ said Gilles Proulx, chief economist at CMHC’s Market Analysis Centre.

‘“*Housing markets should improve as the better spring weather and recent drops in interest rates take hold.””

B.C, starts rose to 39,500 units in March from 34,400 SAAR in February.

B.C. housing markets continue to show strength, with a slight increase in

starts of single-detached dwellings and a more sizable tise in the number of multi- ple units, especially con- dominiunis.

Ontario starts, at 39,300 units, were up slightly from the 38,500 units SAAR level of February.

Multiple unit construction was strong, mainly due to a recovery in socially assisted construction, although this was almost completely off- set by flower starts of single-detached dwellings.

HOUSING STARTS

Actua! and seasonally adjusted annual rates (SAAR)

February Final SAAR

Actual

[ Quebec

Ontario Alberta B.C,

March Preliminary Actual SAAR

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