2008 urban single starts down 18%
Urban starts decline in B.C., Prairies and Ontario
Existing home sales forecast to fall 14% by year-end
Purchasing mortgage pools "a safe, efficient and economic way of facilitating credit markets"
Banks lower prime lending rate
Multiple starts rebound
Existing home sale expected to fall by 11.9% in 2008
The seasonally adjusted annual rate of housing starts was 217,800 units in June, down from 227,700 units in May, according to Canada Mortgage and Housing Corp. (CMHC).“Despite the decrease in June, total housing starts remain at high levels.” says Bob Dugan, chief economist at CMHC’s Market Analysis Centre. “This is mostly due to the multiple […]
Single starts rebound
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 […]