2009 Regina housing starts are down compared to 2008

There were 930 housing starts in Regina last year, down 1/3 from the 1,375 housing starts in 2008. Of those 930 housing starts last year, 569 of them were single-detached starts, and 361 were multiple-unit starts. These numbers are down from the 979 single-detached starts and 396 multiple-unit starts in 2008.

According to Canada Mortgage and Housing Corporation (CMHC), this makes 2009 the slowest year for single family home construction in the last 6 years. Housing construction in Regina peaked at 1,400 starts in 2007 and at 1,375 starts in 2008, after rising to 888 in 2005 and 985 in 2006.

CMHC is forecasting Regina housing starts to increase slightly to 950 in 2010. Senior market analyst Paul Caton with CMHC noted there are currently 624 homes under construction in Regina. That number of homes, on a year-over-year basis, has been trending down since May (2009.) As those inventories get eaten up we should see housing starts pick up again.

“Housing starts are down for most of Saskatchewan this year, resulting in a decline in supply,” said Caton. “This will set the stage for an upswing in housing construction in 2010.”

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