By Geoff Smith (@GeoffSmithLNN on Twitter)

Housing starts down in March; trend lower as well

Apr 10, 2018 | 9:40 AM

LETHBRIDGE – With harsh winter weather that continued past the start of spring, housing starts in Lethbridge remained lower during the month of March compared to a year earlier.

Canada Mortgage and Housing Corp. (CMHC) said 41 new homes were started during the month in the census metropolitan area, down more than 30 per cent from the same month last year. Work began on 26 single detached units, down from 41, with 15 multiples started, a decrease from 18.

So far this year, work has started on 119 new homes in greater Lethbridge, compared to 140 in 2017, a decrease of 15 per cent.

An analyst for CMHC said winter weather has impacted the pace of new home construction.

March numbers were down significantly in Calgary and Edmonton as well during March. Year-to-date, though, Calgary is nearly on pace with last year. Edmonton is down 19 per cent. Grande Prairie and Red Deer are down on the year, Medicine Hat is up, and Wood Buffalo continues to see greater numbers as the area rebuilds from wildfires.

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The seasonally-adjusted annual rate (SAAR) of new home construction in Lethbridge rose in March compared to February. The trend, based on a six-month moving average of the SAAR, was 716, down slightly from 733 in February.