By Geoff Smith (@GeoffSmithLNN on Twitter)

New home construction continues downward trend

Sep 11, 2018 | 12:09 PM

LETHBRIDGE – Housing starts in the Lethbridge area dropped by roughly half in August compared to the same month one year ago, according to the latest data from Canada Mortgage and Housing Corp. (CMHC)

Work began during the month on 57 new homes in the Lethbridge Census Metropolitan Area (CMA), down from 110 in August 2017. Of those 57 homes, 23 were single-family detached houses, four were semi-detached, 22 were row houses, and eight were apartment units.

Year to date, 380 homes have been started, a decline from last year of 20 per cent.

The average unit prices for newly-absorbed homes in August was $423,064, up from $402,184 in August of last year.

Calgary is up slightly so far this year, Edmonton had a strong August but is still behind year-to-date, Medicine Hat is higher year-to-date, and Red Deer and Grande Prairie are lower so far.  Wood Buffalo has cooled off after the Fort McMurray rebuild inflated last year’s numbers.

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The Lethbridge CMA includes the city and county of Lethbridge as well as Barons, Coaldale, Coalhurst, Nobleford, and Picture Butte.