(Source: 680 News)
For the first time in months there are some signs that the dramatic decline in house construction in Calgary is starting to bottom out. Building activity between January and June this year is down almost 78 per cent from the same period a year ago.
While things still look rather bleak on the condo side of the industry, it looks like single family starts will start to pick up shortly.
The reason why?
Canada Mortgage and housing is starting to voice a little optimism about construction in Calgary. Regional Economist Lai Sing Louie tells 660News it’s beginning to look like the recent building bust is bottoming out. Louie says while work on single family homes is starting to shows signs of life, the same cannot be said for condos. He says multi family starts will likely continue to slide for the rest of the year.
Read the full article by Kevin Usselman “Decline in Calgary housing starts may be slowing” at 680news.com (July 9, 2009).