With one month left in 2017, housing starts in Grande Prairie are still down by 16 per cent. The Canada Mortage and Housing Corporation says construction has started on 190 homes so far this year, down from 227 in the first 11 months of 2016.
In November, there were 12 single family homes started. In the same month last year, there were 19, as well as four multi-unit buildings. CMHC has predicted the housing starts for 2017 would be the second lowest in the last 10 years.
Across Canada, housing starts are up. CMHC’s chief economist Bub Dugan says the trend has reached its highest level in almost 10 years in November.
“This largely reflects construction of multiple units in Toronto, where evidence of overbuilding is low due to
the decreasing inventory of completed and unabsorbed multiple units and strong demand.”
Edmonton is seeing a similar trend to Grande Prairie, with housing starts down 15 per cent year-over-year. Lethbridge and Wood Buffalo are the only urban Alberta cities seeing growth in 2017.