Grande Prairie’s housing starts are falling even further behind last year’s pace. In the first five months of the year construction has started on 65 new homes, compared to 110 at this point last year.
The decline is being driven by single family homes, which are only at 40 per cent of last year’s numbers, while multiple family homes are actually up from 10 by April 2014 to 24 this year. In May, 12 single and 4 multi-family homes were started, down from 45 and 8 a year ago.
Edmonton saw a decline as well last month, which CMHC Market Analyst Christina Butchart attributes to more competition in the resale market and softer economic conditions.