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Halifax Real Estate Market (January 2012)

January Housing Starts in Halifax

HALIFAX, February 8, 2012 – New residential construction in Halifax decreased last month compared to January 2011 according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). There were 77 housing starts recorded in January compared to 247 last year. Single-detached starts increased from 44 to 59 units while multiple starts decreased from 203 to 18 units.

“January numbers were supported by an increase in single-detached starts,” said Matthew Gilmore, senior market analyst with CMHC’s Atlantic Business Centre. “On the multiples side, apartment starts, which were strong in 2011, reported no new activity last month,” added Gilmore. The semi-detached and row segment of the market reported little change in January compared to 2011.

In urban centres across Canada, total housing starts recorded in January were up 24 per cent to 12,220 units compared to 9,823 a year ago. Single-detached starts increased one per cent to 3,596 units, while multiple starts increased 37 per cent to 8,624 units in January. In the Atlantic region, 440 new units were started compared to 500 during January 2011.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

Source: Canada Mortgage and Housing Corporation

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