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PRIYA SHARMA
Century 21 Signature Realty
#207, 2920 Calgary Trail NW, Edmonton, Alberta
P: 780-485-2100
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Wednesday, August 10, 2011 - Alberta housing market flat in July, CMHC says

 

EDMONTON - Alberta’s housing market continues to be flat, with Canada Mortgage and Housing Corp. reporting Tuesday that homebuilders started construction on 22,200 homes in July — a slight improvement over the 21,800 in June.

Nationally, the seasonally adjusted annual rate of urban starts increased by 4.7 per cent to 185,200 units in July. Multiple urban starts were up by 13 per cent to 120,200 units, while urban single starts decreased by 7.8 per cent in July to 65,000 units.

Housing starts in Alberta have been averaging only 21,000 per month over the past year, down from the five-year average of close to 28,000 per month.

“The stability in Alberta’s new housing market is consistent with the existing home market where prices throughout the province have been virtually unchanged over the past year,” said Todd Hirsch, senior economist at ATB Financial.

“Where the two markets differ, however, is that the existing home market has stabilized at some fairly strong price levels, whereas housing starts have been stable at a low level.”

ATB thinks Alberta’s new housing market may be supported in the coming months with good labour market conditions and favourable mortgage rates. On the other hand, global stock market volatility and plunging oil prices could shake confidence among Alberta’s potential new home buyers.

Across Canada, housing starts rose in July due to an increase in multiple starts in all regions except Quebec,” said Mathieu Laberge, deputy chief economist at CMHC’s Market Analysis Centre.

“The multiples sector showed continued strength in Ontario and a significant increase in British Columbia and in the Atlantic region.”

July’s seasonally adjusted annual rate of urban starts increased by 36.1 per cent in the Atlantic region, by 33 per cent in British Columbia, and by 1.7 per cent in Ontario. Quebec posted a decrease of 7.8 per cent over the same period, while urban starts decreased by 0.3 per cent in the Prairie region.

posted in General at Wed, 10 Aug 2011 08:04:31 -0600



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