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
- 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