Housing starts are down in Fort St. John and around the Province for the month of June.
In June of 2008, there were 24 singles and eight multifamily housing starts for a total of 32. However, this year, the numbers have dipped drastically.
There were five starts of singled detached homes, with no multi-family starts. That brings June’s numbers to a total of five housing starts in the province.
The Canadian Housing and Mortgage Corporation are blaming slower employment growth for the drop. Usually, if there is little demand for employment in an area, the demand for new housing wanes.
But, the CHMC is noticing more people switching to an existing home market. Existing homes are becoming more price-competitive than before.
The CHMC also says housing starts will be lower this year in Fort St. John than in the previous couple of years. However, it’s predicted that much of British Columbia will follow this trend.