The new home construction market in the province is charting some new directions.
This comes at a time when the residential market in the country is also headed into new territory. Nationally, the changes to rules regarding qualifying for mortgages have put a damper on the hot housing markets of Toronto and Vancouver. Toronto, for example, saw transaction numbers decline by more than 30 per cent last month. Now, this includes both new and used.
But we have just received a report on new home construction in the province and it shows builders sprinted out of the gate in January in Regina but slowed things down a bit in February. The end result is that after two months, Regina starts are ahead of last year – 430 compared to 276.
The same trend was evident in Saskatoon although the totals were lower with 145 starts compared to 120 last year.
The story is quite similar in other cities around the province, a signal that builders in most major urban centres believe they will need additional inventory later in the year when these new units are completed.