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London Real Estate Market Update – New Home Construction

London Real Estate Market Update – New Home Construction

London new home construction finally got up and running after a slow start to 2018.

The Canada Mortgage and Housing Corporation (CMHC) reports

  • 367 housing starts in London-St. Thomas last month
  • 147 Apartment units
  • 64 Towhouses
  • 154 single family units

 

 

 

 

Canada Mortgage and Housing analyst Andrew Scott offered the following comments:  “Strong spillover demand from a tight resale market has kept construction robust” Scott said.

Overall Breakdown For The Year To Date

  • Overall housing starts were down substantially in the first quarter
  • Single-family starts, a more reliable market indicator, are in good shape with 446 units this year, compared to 431 last year
  • 710 overall housing starts so far this year, compared to 1,148 in the first four months of 2017

Across Canada

  • Estimated annualized number of housing starts dipped to 214,400 in April, after a strong two-month run
  • Ontario, the estimated annual starts fell to 70,000 in April, down from 74,900 the previous month

CMHC – Full Housing Report