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Ontario, Oshawa area June Home Starts lower than 2008

Ally

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New home starts in Oshawa and Ontario declined in June compared to last year, according to the Canada Mortgage and Housing Corporation (CMHC). The Oshawa Census Metropolitan area, which includes Whitby and parts of Clarington, had 88 new home starts in June 2009, down 67 per cent from June 2008. All types of homes had similar slowing patterns.

"While more affordable resale homes in the area continue to attract price-sensitive home buyers, the spill-over of demand into the new home market remains limited. As a result of a tightening in the resale market, Oshawa new home buying activity is expected to improve towards the end of this year," CMHC market analyst Inna Breidburg said.

Overall in the province, urban home starts decreased by 46.2 per cent in June 2009 compared to June 2008. Year-to-date Ontario urban home starts are down 42.6 per cent compared to January to June 2008.

Despite a slow June, things are looking up for Ontario at the end of the year, a CMHC spokesman said.

Read the full article here.
 
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