By Geoff Smith (@GeoffSmithLNN on Twitter)

Housing starts higher, but CMHC warns of downward trend

Feb 8, 2018 | 8:15 AM

LETHBRIDGE – Housing starts in the Lethbridge area were higher in January compared to a year earlier. But Canada Mortgage and Housing Corp. (CMHC) said the trend is downward.

Numbers released by CMHC showed 28 new single-family homes were started during the month in the Lethbridge Census Metropolitan Area (CMA), a 56 per cent increase from January 2017. With 12 multiple dwellings started, up from two the year earlier, the total was double.

However, CMHC said the trend is down, and the Seasonally-Adjusted at Annual Rate (SAAR) number for January was down 12 per cent from December.

“Declining employment in the region through 2017 has reduced demand for housing and has impacted the pace of new home construction,” CMHC said in its monthly release.

Alberta registered a 48 per cent increase in January over the previous year, in cities of at least 10,000 people. The SAAR for January was up 10 per cent from December.

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The SAAR and trend numbers are being released for Lethbridge for the first time, following its classification in the 2016 census as a CMA.