Higher mortgage costs are expected to slow new home construction in 2008, but numbers will remain high by historical standards, Canada Mortgage and Housing Corporation said today.
CMHC predicts residential construction will drop to 214,650 units in 2008 from 228,343 in 2007, and seven of the 10 provinces will register a lower number of housing starts.
“Most of the pent-up demand that built up during the 1990s has now been fulfilled,” chief economist Bob Dugan said in a release.
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