(Source: Edmonton Journal)

Housing starts in the Calgary census metropolitan area are forecast to fall by more than 61 per cent this year compared with 2008, due in most part with a declining condo market, says a report by the Altus Group.

In a housing report forecast, the consulting group said total starts in the Calgary CMA will drop from 11,400 last year to 4,400 this year but rebound to 5,900 in 2010.

“Escalating concerns about over-supply in the Calgary and Edmonton markets has turned off the tap for new projects and put many existing projects on hold,” said the report. “A thawing in credit markets and improved migration once the economy begins to turn around will help lift condominium starts out of their virtual current standstill.”

The report said the annual average of housing starts in the Calgary CMA from 1998 to 2007 was 13,200 units.

Read Mario Toneguzzi’s full article “Calgary CMA housing starts projected to slide 61% in ’09” in the Edmonton Journal (May 12, 2009).

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