October housing starts drop 70 per cent compared to 2017
LETHBRIDGE – Housing starts in the Lethbridge Census Metropolitan Area (CMA) took a big tumble in October.
According to the latest data from Canada Mortgage and Housing Corp. (CMHC), only 37 new homes were started during the month, a 70 per cent drop from the previous October. Work began on 25 single-family homes, down from 43, but the biggest drop was in apartments – four, down from 59.
With that decrease, the year so far has seen a 26 per cent decline, from 662 last year to 487 this year. The numbers work out to a seasonally-adjusted annual rate (SAAR) of 440, down 34 per cent from September.
The average selling price of an absorbed single-detached home was up, from $396,948 in September to $468,100 in October. A year ago, it was $435,071. There was slightly less unabsorbed inventory during the month, 117, down from 126.