64 ~ Friday, December 16, 1994 —- North Shore News

ouse fall in of

NATIONAL HOUSING starts fell 3.6% in October to’ 149,500 units at a seasonally adjusted annual rate (SAAR), reported Canada Mortgage and Housing Corporation. The September starts level was revised to 155,100 units SAAR. | In urban centres, starts of sin- gle-detached dwellings were down !1% in, October to 60,500 units SAAR, compared with 67,800 units in September. Multiple’ unit ‘construction moved up 6% to 65,000 units SAAR, from a level of 61,200 units in the previous ~ ‘month.

“The drop in October activity negated gains. made the previous month. Current interest rate levels stalled single-detached unit con- struction despite ‘an improving ermployment picture,” said Michel Laurence, Economist at CMHIC's Market Analysis Centre.

“The good news is that multi- ple-unit construction continued to improve. Multiples activity has moved up almost 20% since July. Condominium : starts, many’ of ‘which were pre-sold earlier in the year, lifted the market in October,” < Laurence added.

Ontario. urban - starts “rose to.

50, 200.units SAAR in October : compared to a’ revised .level of * 48,606 -in September. Increased

construction : of. multiple units’

more than offset reduced single-

detached activity. Activity in the - Toronto metropolitan area reached

SUSSEX

REALTY

starts ionth

ctoper

its highest level since January 1990, boosting the provincial total.

Quebec urban starts fell again to 19,400 froma revised level of

21,400 units SAAR in September.’

Construction in the Montreal met- ropolitan area, which reached its lowest level of activity ‘since August 1982, pulled down the provincial total. Both multiple and single-detached markets declined.

British Columbia urban. starts moved down to 33,100 in October from 34,400 units SAAR in September. All of the decline reflected a drop in construction of single-detached ‘dwellings. Fewer starts in the Vancouver metropoli- tan region were only partly offset by greater numbers elsewhere in

October activity in the Prairies remained close to September lev- els, 16,500 units SAAR compared to 16,600 the previous month.

New construction in Saskatchewan reached a 20-month high of 2,500 units SAAR. In con- trast, the number of new. dwellings in Manitoba and Alberta geared down.

In the Atlantic region, starts activity dropped to 6,300 units SAAR in October. New Brunswick stood out as the only province to register slightly greater activity.

_ Newfoundland starts kept up its - 1,500-unit per year pace. Activity

dropped in Prince Edward Island and, to a greater extent, in Nova Scotia.

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NEWS photo Paul MeGrath

Souith branch of the Bank of Montreal recently donated

$835.26 to the Make Room at Emily Murphy House campaign. Here (left to right) the banks’: Giselle Aiabens and Barbara Goepel present the cheque to the campaign’s Carole Lee and”

Elizabeth Kirkwood.

"REAL ESTATE Board of Greater Vancouver MLS statistics for the month of November show that while average residential (detached, attached and apartments) prices are still up more than 13% at $304,606 over the average of $267,530 in November 1993, the number of sales has declined 10% to 2,169 in 1994. from 2,432 1993.

Compared with October 1994, the average price of. residential:

housing in November declined by’

almost 4% from $316,870 to

in November

‘

$304,606.

Detached home sales have been most successful in weathering the slow market with only a 6% drop in the number of sales over 1993. ‘There were 1,248 detached homes ‘sold in November compared to

{1,332 during November last year. i The average price of detached

homes rose to $397,335 an increase °

of 14% over prices in 1993. The number of apartment ‘sales during November was 616 in

November 1994, a drop 19% from. November 1993. Apartment prices

FROM $265,000. “INC. GST.

rose_ only 3% with | an ‘average of $158,226. Attached “home: sale” totaled 305° for: the ‘month “of |; November a’ drop. of. 10% “when “! compared with figures from 1993,.: but the average unit price, $220,808 rose 4% over those recorded for the” same time period in 1993.’ wp “The market seems to be. goin through ‘a. leveling | process, .. the.” result of a number of factors includ- ;

.ing the increase: in interest. rates

economic uncertainty, and the tim of the year, " said president Ronald Downey.

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