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Saskatchewan Real Estate Market (January 2012)

January housing starts increase in Regina and Saskatoon

Saskatoon, February 8, 2012 – Canada Mortgage and Housing Corporation (CMHC) released preliminary results of its monthly survey of residential construction today. Driven largely by gains in multi-family construction, housing starts in the Regina Census Metropolitan Area (CMA) totalled 277 units in January, up from 127 units in the corresponding period last year. In the Saskatoon CMA, home builders started 177 housing units in January, up from 120 units a year prior.

“New home construction is off to a strong start in 2012,” said Michael Fabiyi, CMHC’s Senior Market Analyst in Saskatchewan. “The province’s strong economy which continues to draw elevated numbers of migrants is reflected in the heightened pace of starts in both Regina and Saskatoon”, he added.

Regina’s builders started 57 single-detached homes in January, up eight per cent from 53 units in 2011. Multi-family starts, which consist of semi-detached units, rows, and apartments, recorded the most sizable improvement over the prior year. Multi-family starts totalled 220 units in January, a nearly threefold increase from the same period in 2011 when builders started 74 units.

Meanwhile in Saskatoon, local builders poured foundations for 105 single-detached homes in January. This marks a 31 per cent increase from a year prior when 80 single-detached units were started. Multifamily starts also recorded an increase from the prior year as area builders started 72 units in January, compared to 40 units in 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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