A flurry of single starts acitivity in the first quarter of 2008 offset a lack of multiple starts as Metro Halifax saw no new apartment starts in the first two months of the year.  However, a strong month of March for multi-residential construction coupled with another strong showing from singles brought overall starts below levels recorded a this point in time last year.

A flurry of single starts activity in the first quarter of 2008 offset a lack of multiple starts as Metro Halifax saw no new apartment starts in the first two months of the year.  However, a strong month of March for multi-residential construction coupled with another strong showing from singles brought overall starts just below levels recorded at this point in time last year.

Overall starts in Metro Halifax were down by seven percent in the first quarter of 2008 compared to the first quarter of 2007, with 423 starts being recorded this year compared to 455 last year.  Overall starts in Metro Halifax are down by only seven per cent for the quarter thanks in part to the highest number of first quarter single starts in four years.  In the month of March, there were 75 single-detached starts compared to 44 last year, which is a 70 per cent increase.  After three months, single starts are up by 44 per cent compared to the same timeframe last year.  During a period where demain for new single-detached homes has been declining in Metro, the 204 single starts thus far is only two starts shy of the ten year average of 206.

There were 223 new single-detached homes absorbed in Metro Halifax in the first quarter of 2008, selling for an average price of $336,456.  This is up ten per cent from the first quarter of 2007 when the average price of 203 absorbed single-detached homes was $305,596.

To view entire article go to www.chmc.ca order desk.  "Housing Now-Halifax CMA-Date Released: April 2008".