New home construction declines in St. John's, CMHC says
Housing starts in St. John's continued to decline with over 200 less new home construction projects in July over the month before, according to the Canada Mortgage and Housing Corporation.
Housing starts in St. John's continued to decline with over 200 fewer new home construction projects in July over the month before, according to the Canada Mortgage and Housing Corporation.
CMHC said housing starts in the St. John's area were trending at 731 units in July compared to 943 in June.
Total housing starts were seven per cent lower this year compared to one year ago, a CHMC news release said.
"Residential construction activity held steady year-over-year in July, but weak economic growth and depressed commodity prices continue to pressure the new home market so far this year," said Chris Janes, CMHC senior market analyst.