Multi-family home starts jump year-over-year in May
TheStarPhoenix.com
Published: Monday, June 09, 2008
Construction started on 115 multiple-family residences in the Saskatoon census metropolitan area (CMA) last month, a figure 72-per-cent higher than the 67 multi-family starts during the same time last year, according to a new report.
At the same time, 195 single-detached homes went under construction in the Saskatoon CMA (a region of about 240,000 people) in May, a slight 3.7 per cent increase over the starts in May 2007, according to the Canada Mortgage and Housing Corp.'s monthly survey of residential construction.
In the City of Saskatoon, new construction on single-detached units slipped 4.2 per cent to 114 from 119 last year, the first drop the city has seen in new home construction in months. Construction on single-detached houses in the areas surrounding Saskatoon made up for the city's loss, rising 17.4 per cent to 81 from 69 last year.
All told, housing starts in the CMA rose nearly 22 per cent in May to 310 over May 2007, when construction started on 255 single-detached and multi-family houses.
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Housing Starts On Record Pace...
...but rental market not so hot.
Reported By Patrick Book
Posted June 9, 2008 - 11:15am
If house starts continue on the pace set out in the first five months of this year, 2008 could prove to break even more records in the housing market in Saskatchewan.
The Canada Mortage and Housing Corporation says housing starts in May are at their highest levels since 1983 for both Saskatoon and Regina. The year-to-date numbers show Regina has seen 546 new starts while Saskatoon has doubled that at over 1,100.
But the other side of the coin reveals that concern over the state of the rental market is likely justified: multiple family dwelling construction starts are down in both cities more than 25% this year.
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Thomorat Says City Needs To Get Faster
Says building permit approvals too slow
Reported By David Kirton
Posted June 9, 2008 - 6:18pm
The housing boom continues. But a representative of Saskatchewan's Homebuilders says it's not without its challenges. Canada Mortgage and Housing says single housing starts in May were 4 per cent higher than May of last year in Saskatoon.Multiple family housing was up 72 per cent.But Alan Thomorat, CEO of the Saskatoon Home Builders Association, says the City of Saskatoon has been slow with building permits.He says there was an agreement that permits would take no longer than five days to be approved. But he's hearing that it's taking up to three weeks.Thomorat says delays cost money, and when it comes to building multiple-family dwellings, the costs can be in the hundreds of thousands of dollars.
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