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A slow October for new home starts

October's 24 single home starts in Greater Sudbury were 18 units lower than the same month last year, according to preliminary data released by the Canada Mortgage and Housing Corporation (CMHC).

October's 24 single home starts in Greater Sudbury were 18 units lower than the same month last year, according to preliminary data released by the Canada Mortgage and Housing Corporation (CMHC).

As a results of a slow October, construction for the year to date is running behind figures from 2004, albeit only by five units. Twelve multi-family units have already started in 2005, up eight from last year.

According to Warren Philp, a Northern Ontario market analyst with the CMHC there is some good news for the month of November.

"Although October was slower, a spurt of building permits last month paves the way for a strong November in Greater Sudbury.

Fourth quarter numbers should still be quite healthy when all is said and done," Philp said, forecasting a total of 390 single home starts by the end of the year, up from 374 in 2004.