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Thursday, December 10, 2015 - November housing starts defy expectations

Nick Ford • Economist

December 10, 2015

November housing starts defy expectations

On the back of this week’s building permit numbers, Alberta’s housing market again managed to defy expectations and flex its muscles, at least according to the most recent data from the Canada and Mortgage and Housing Corporation.
 
Housing starts managed to regain traction after moderating in October. Housing starts reached 43,122* in November. Last month’s reading is 11 per cent higher than the yearly average (38,600) and about 34 per cent higher than October. Compared to the last twelve months, housing starts in our province were up by little more than ten per cent.
 
As The Owl pointed out earlier this week, construction looks to remain steady as we transition into 2016 and the fact that housing starts pushed further ahead in November is good news. It also underscores that the market remains quite healthy given our economic climate.
 
The fact that oil prices have dropped further, and considering November’s increase, there’s a good chance that housing starts will slow in the last month of the year. It’s also likely that moving into 2016, housing starts begin to drop to lower levels (something many analysts have been expecting). For now, home builders and developers still see Alberta as a viable and attractive place to build homes and do business.
 
*This number is adjusted for seasonality and is calculated at an annualized rate.

posted in General at Thu, 10 Dec 2015 10:51:44 -0700



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