Hamilton housing starts down so far in 2015 compared to 2014
'Builders continue to manage a high level of new home inventory':CMHC
Fewer housing units were started in Hamilton in November compared to October, highlighting a "general slowdown in residential construction across Hamilton," according to the Canada Mortgage and Housing Corporation.
November's 203 units started were down from October's 345 units, according to CMHC numbers released Tuesday.
"Builders continue to manage a high level of new home inventory," according to the CMHC.
Through November, there have been 1,884 housing units started. Builders started 2,700 units in the same 11-month period in 2014.
However, by another trend measure meant to strip out seasonal variation, November's starts were higher than October's, marking the sixth straight month of increases in the overall trend.
CMHC economist Abdul Kargbo attributed the trend increase to an increase in attached housing construction, which he says is tied to growing employment for young adults aged 25 to 44, along with relatively low mortgage rates.