Sluggish 2017 start to home-building
After a record-breaking year, Londonarea housing construction got off to a cold start in January, because of a lack of multifamily units.
The Canada Mortgage and Housing Corp. said there were 67 housing starts in the London-St. Thomas area last month, including 59 single-family homes and eight townhouses and semi-detached units.
The single-family starts were almost equal to last January, but there were no apartment starts in contrast to the same month last year when apartment starts spiked to 406.
CMHC analyst Amran Wali said the more consistent single-family home starts are still in good shape, but the more volatile multi-family starts are pulling back after a flurry of construction in 2017.
“As the under construction inventory of multi unit homes has reached a level that is amongst the highest ever recorded, builders have held back on starting new projects until existing projects have been completed,” said Wali.
Area home builders shattered a nine-year record in 2017, with 3,967 housing starts compared to the 3,674 that were begun in 2006.