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(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)
