(Source: The Calgary Sun)

Residential construction in Calgary all but evaporated in March as 90% fewer foundations were poured than one year ago.

Housing starts in the Calgary totalled 297 units last month, a stark contrast to the 3,068 units started one year ago, the Canada Mortgage and Housing Corporation said yesterday.

Condominium starts led the decline, falling to 126 units in March, a drop of more than 95% below last year’s levels. Housing starts for single-family homes came to 171 units, 59% lower than one year ago.

Year to date, Calgary housing starts are lagging last year by 84%.

Across Canada, housing starts fell 41% year-over-year.

Read Markus Ermisch’s full article “Calgary housing starts plummet” in the Calgary Sun (April 8, 2009)

Further reading:

Housing starts drop a whopping 90% in Calgary” AM 770 (April 8, 2009)

Housing starts and housing prices drop” CTV Calgary (April 8, 2009)

Boom to bust to blip” Globe and Mail (April 8, 2009)

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