Condo construction fall steeply in Canada

The Canadian home construction is going in a snail’s pace since February and it is slowest since July 2009.

Canada’s federal housing agency asserted on Monday the annual pace of new housing construction slowed substantially in February, as far fewer multiple-unit projects such as condos and apartments, that too only ground breaking.

The Canada Mortgage and Housing Corp. announced, the seasonally adjusted annual rate of home began to reduce to 156,276 units last month, down from 187,025 in January. The experts are calculating the estimate of 179,000 units.

Housing experts at Royal Bank of Canada understood that the speed of construction last month hit lows not seen since the last slump.

“Homebuilders considerably shortened residential construction activity in February 2015, breaking ground on the lowest number of housing starts since July 2009,” Laura Cooper, an economist at the Royal Bank of Canada, said.

The rate of new houses starts in urban areas fell to 140,722 in February, down from 171,950 in January.

The decline was led by a slower rate of multiple-unit dwelling, which fell to 86,214 units in February from 115,123 in January.

The multi-unit dwellings are the term the CMHC uses for apartments and condominiums.

CMHC says single-detached urban starts reduced to 54,508 units in February from 56,827 the earlier month.

The six-month moving average in February was 182,137 units; match up to 188,761 in January.

Condo construction fall steeply in Canada

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