New housing starts on the rise in Grande Prairie

Jun 15, 2021 | 10:42 AM

Figures from the Canada Mortgage and Housing Corporation (CMHC) shows new housing construction was up on a year-over-year basis last month.

In May of 2021, there were 19 new single-detached home constructions projects started, up from the 15 that were started in May 2020.

Of those new starts last May, 15 were single detached homes, while four were apartment units.

There were also 19 new homes completed, up from the 17 projects finished in the same month last year.

The units completed last month include 15 single-detached homes and four apartments.

However, total absorptions, or sales of newly built homes, remained flat at 13 in both May of 2020 and of 2021.

Comparing the year to date, new starts are up in the Swan City at 58 in 2021 compared to 31 in 2020, while completions are down from 87 last year to 72 in the first five months of 2021.

Total sales were also down from 64 in 2020 to 45 in 2021.

However, average sales prices did see a big increase on a year-over-year basis. In May of 2021, the average sales price for a new single-detached unit was $524,135, which is well above the $440,210 average recorded in May of 2020.

The figure for May 2021 shows a trend of a fluctuating market, as the average price in April 2021 was $443,680, while March’s average price was $496,443.

by Liam Verster