Calgary saw a dip in housing starts from 1,693 last year to 1,078 this November, a monthly report by Canada Mortgage and Housing Corp. (CMHC) shows.
Both single- and multi-family sectors experienced the decrease, with single-family starts at 541 homes, down from 595 last year and multi-family starts down from 1,098 units last year to 537.
However, the report also showed that starts to the end of November 2014 are 4,603 higher than same time last year.
The report’s year-to-date data reveal builders are constructing 6,067 single-family homes so far, a far cry from the CMHC’s prediction of 6,700 single-family starts in 2014.
The multi-family sector saw 10,224 starts to the end of November. CMHC’s prediction was 10,500.
There are 11,884 multi-family homes under construction in the region in total as of November. The breakdown includes 1,188 semi-detached homes, 2,111 row/townhomes and 8,585 apartments.
CMHC added that “the absorption rate (units taken possession of by owners) for apartments in November was 100% and the available inventory was zero, zip, nadda one.”
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