By Geoff Smith (@GeoffSmithLNN on Twitter)

Housing starts down in November, remain lower this year

Dec 10, 2018 | 7:49 AM

LETHBRIDGE – Housing starts in Lethbridge continue to lag behind last year, according to the latest report from Canada Mortgage and Housing Corporation (CMHC).

Work began on 28 new homes in the Lethbridge Census Metropolitan Area (CMA) during November, compared to 40 during the same month in 2017. That brings the total for the year to 515, a 27 per cent decline from last year’s 702.

The SAAR (Seasonally-Adjusted Annual Rate) was down 34 per cent from October to 440. The number is a calculation that eliminates seasonal variation and multiplies by 12.

The average price for a new single-detached home is up 2.6 per cent from this time last year, to $454,701. That average, however, is down from October.

Medicine Hat, while registering a lower November, has still seen nearly three times the number of starts as last year, at 333. Calgary was down significantly in November, while Edmonton, still running lower for the year, had a better November. Red Deer was lower, Grande Prairie was higher, and Wood Buffalo continues to cool off after the post-fire rebuilding of 2017.

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The Lethbridge numbers are for the CMA, which includes Lethbridge County, Nobleford, Picture  Butte, Coaldale, Coalhurst, and Barons as well as the city of Lethbridge.