CMHC housing numbers are 'significant': Queen's University expert
Queen’s University real estate expert John Andrew is available to talk about today’s Canada Mortgage and Housing Corporation report that found the pace of construction for new homes is slowing across the country.
Dr. Andrew calls the seven percent drop in October housing starts (compared to 2011) "significant" and believes it provides clear evidence the Canadian housing market is slowing down.
“The CMHC housing starts numbers released today are significant in both their universality across Canada and their size. They provide sound evidence reinforcing the idea that housing markets in most regions and cities are cooling off rapidly. Housing starts are clearly responding to the decrease in new and existing home sales that we’ve seen in most markets over the past few months, especially for condos. I expect this trend to deepen over the remainder of 2012 and likely into 2013,” Dr. Andrew says.
Dr. Andrew is the director of the Queen’s Real Estate Roundtable and a professor in the School of Urban and Regional Planning.
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