Higher mortgage costs are expected to slow new home construction in 2008, but numbers will remain high by historical standards, Canada Mortgage and Housing Corporation said today.CMHC predicts residential construction will drop to 214,650 units in 2008 from 228,343 in 2007, and seven of the 10 provinces will register a lower number of housing starts.“Most […]
Decline reflects drop in multiple starts
Most would use extra money to pay down the principal on their mortgage
Increases in house prices will push mortgage carrying costs higher for home buyers
Despite monthly drop starts reach their second highest level in nearly two decades in 2007
Single-detached home starts hit highest level since March 2006
Increased condominium starts reflect strong condo sales over the past 12 to 24 months
Urban starts decline 5.7% compared to June
Starts expected to resume a gradual decreasing trend
Growth largely confined to volatile multiple-unit segment