(Source: Calgary Herald

Housing starts in the Calgary region continued their precipitous drop from last year’s lofty levels, according to April data released Friday by Canada Mortgage and Housing Corp.

Single-detached starts were at the lowest level for the month of April since 1987, while multiple-family starts were the lowest for the month since 1996.

A lower demand environment persists in the Calgary region, said Lai Sing Louie, senior market analyst in Calgary for CMHC.

“Market conditions still continue to favour buyers,”he said. “People looking out there will find incentives on new homes. If you look around now, the same money this year will buy you more house than last year.”

However, an environment of slower economic growth as well as job uncertainty continues to affect the housing market.

Read Mario Toneguzzi’s full article “Housing starts slide to lowest level since ’87” in the Calgary Herald (May 9, 2009).

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