Housing starts trend lower in February

LETHBRIDGE – Housing starts in Lethbridge were lower in February compared to a year earlier, and the trend is lower, according to Canada Mortgage and Housing Corp. (CMHC)

Preliminary data released Thursday, Mar. 8 indicate 33 new single-detached homes were started in February in the Lethbridge Census Metropolitan Area, compared to 55 a year earlier. Work began on five multiple-unit buildings, down from six, for a total decline of 38 per cent.

The seasonally-adjusted annual rate (SAAR) for February was 478, down from 592 in January, while the trend (a six-month moving average of SAAR) was 733, down from 869. These numbers are used to compare the current pace of construction to annual projections and actual yearly figures.

Year-to-date, Lethbridge’s housing start numbers are off by four per cent, with 61 single-detached homes started, down from 73, and 17 multiples, up from eight in the first two months of 2017.