Continued downward trend in housing starts

Housing starts in Greater Sudbury dipped from 245 in April to 184 in May.

Stats provided by the Canada Mortgage and Housing Corporation (CMHC) show that Greater Sudbury is moving in the opposite direction of the provincial average.

Numbers are gathered on a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

Ontario as a whole saw a jump from April to May, trending at 60,026 units last month, up from 55,601 in May, rising for a third consecutive month and reaching its highest level since early in 2014.

Greater Sudbury on the other hand has been on a slide, despite the number of townhomes started in May exceeding the 10-year average.

“The higher number of townhomes started in May was not enough to offset the continuing downward trend for both single and apartment starts in Greater Sudbury,” said Aris Gianneskis, CMHC's Market Anayst for Sudbury, in a press release.

“Recent positive news on the employment front as related to the mining sector is anticipated to have a pull forward effect in the months to come as some buyers who were sitting on the sidelines are expected to enter the market.”

CMHC is Canada's authority on housing, contributing to the stability of the housing market and financial system. Preliminary Housing Starts tables are available online at: http://www.cmhc.gc.ca/en/hoficlincl/homain/stda/index.cfm.