Slug­gish 2017 start to home-build­ing

St. Thomas Times-Journal - - LOCAL NEWS - POST­MEDIA NEWS

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.

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