2012 was a strong year for the local residential new home construction industry.
Single family detached housing starts were up by 12% in our city from 2011 with an average price of $250,000. The Canadian Home Builders Association – Lethbridge Region claim this shows that building is strong in the first- and second-time buyer market, and that builders have a good inventory to show to customers making the choice to buy new.
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The Medicine Hat area saw an 89% increase in new home construction last year. The Canada Mortgage and Housing Corporation (CMHC) released its latest numbers on Wednesday. Garry Ruff, President of the local chapter of the Canadian Home Builders Association (CHBA), believes the increase is due to builders and the industry having more confident in what’s happening around Medicine Hat.
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It took a last-month flurry of residential construction activity, but Red Deer builders have topped their 2011 housing start tally.
Canada Mortgage and Housing Corp. reported on Wednesday that work commenced on 53 home in Red Deer during December.
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Calgary and area new home builders will surpass the 12,000 mark for new home starts by the end of December for the first time since 2007.
In ‘07, builders started 13,505 new homes of all types in the Calgary Census Metropolitan Area (CMA) and as of the end of November this year, 11,975 new homes had been started, says the Canada Mortgage and Housing Corp. (CMHC).
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Blustery weather hasn’t stopped Lethbridge home builders.
An impressive total of 62 single-family units were started in Lethbridge and area last month – a 59 per cent jump from a year ago.
The Canada Mortgage and Housing Corp. reports that brought the year-to-date total to 509 in the Lethbridge census area, up from 446 over the same period last year.
The Medicine Hat market is rebounding, meanwhile, and Grande Prairie builders are nearly as busy as their Lethbridge counterparts. But new-home orders in Red Deer and Fort McMurray are trailing Alberta’s other mid-sized cities.
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The Edmonton area’s housing market will see fewer single-family starts in the new year, but the balanced housing market of the province’s capital region will support modest price growth, says a federal agency.
Canada Mortgage and Housing Corp. recently released its economic and housing outlook for the province, including the major centres in Alberta.
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After an active year, home builders across the Prairies may see slower times next year.
But not in Lethbridge.
The Canada Mortgage and Housing Corporation is predicting continued growth in the Lethbridge census area, with more single-family homes built and more resale homes changing hands.
With a significant number of homes listed for sale, the CMHC says it could still be something of a buyers’ market in the city, county and included communities. For apartment dwellers, meanwhile, rents should remain stable.
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