New home constrcution in the Halifax CMA increased for the third consecutive month in October.  Over all starts increased by 10 percent last month largely due to the start of 105 rental apartment units.  Single-detached housing starts increased modestly for the first time this year as 90 new units began construction compared to 88 last October.  Multi-residential housing starts climbed 27 percent due to a 50 percent increase in apartment-style construction.

On a year-to-date basis, single starts remain down, but the year-to-date decline is now below 30 per cent for the first time since Janauary.  Rental unit construction has picked up in the last few months while condo construction remains significantly lower than 2008 levels.

The slowing rate of decline and the increase in apartment constrcution continue to reflect the resilience seen in the Halifax economy.  Strong employment and wage growth combined with record low interest rates are influencing buyers's behaviour.

The average selling price of a new single-detached home declined marginally by 0.5 per cent as of October reaching $337,790.

To view entire article, go to www.chmc.com. Look for "Housing Now-Halifax CMA-Date Released-November 2009".