Home construction to drop to 27 year low in Calgary
Posted Oct 26, 2015 7:15 am.
This article is more than 5 years old.
Canada’s Mortgage and Housing Corporation is predicting construction of single-detached homes in Calgary will drop to a level not seen since 1988.
The CMHC says 2015 and 2016 will see 4,000 starts per year.
They say the impact of lower oil prices on Calgary’s labour market and consumer confidence, combined with a well-supplied resale market is the reason behind the fall.
Multi-family starts will go from a record high of about 10,600 last year to slightly less than 8,000 this year and 6,000 units next year.
It is also predicting MLS sales will decline 28 per cent in 2015 after setting a record high last year.
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