Residential construction in Halifax has bucked a national trend for the third month in a row, according to numbers released by the Canada Mortgage and Housing Corporation (CMHC) yesterday.
There were 205 housing starts in the Halifax area last month, compared with 178 in October 2008. Single detached units increased from 88 to 90 units last month, while multiple starts climbed from 90 to 115 units.
Nationally, housing starts were down 19 per cent to 14,090 units from 17,389 units a year before.
Matthew Gilmore, senior market analyst with CMHC’s Atlantic Business Centre, attributes the increase to a favorable economic climate in the Atlantic region.
“Like August and September, overall starts in October were bolstered by another strong increase in apartment-style construction,” Gilmore said in a release. “The combination of strong employment, higher wages and historically low interest rates has created favorable conditions for residential construction.”