Fredericton Expecting A Strong Year for Housing Starts(with excerpts from an article published in the Daily Gleaner on March 03/10)
On February 23rd I attended a seminar put on by Canada Mortgage and Housing Corp. (CMHC). Their officals presented predictions that 2010is going to be a great year in housing starts and sales.
CMHC reported that construction of new homes and sales of existing houses are forecast to rise in 2010. and that New Brunswick could see 3,590 starts this year and 3,640 in 2011. Total housing sales in the province last year numbered 7,003 but CMHC forecasts jumps to 7,175 in 2010 and 7,350 in 2011.
Single-unit housing starts in Fredericton in 2009 totalled 169, down from 212 in 2008. This may be attested to developers feeling the impact of a downturn in the economy, and a fierce 2009 winter that halted a lot of construction.
Regardless, Fredericton had one of the strongest housing markets in Canada in 2009, thanks in part to an increase in the number of apartment units constructed. CMHC reported they were up to 267 units built in 2009from 2008's total of 147.