Home builders in the London-area had a busy March, according to the latest statistics released by the Canada Mortgage and Housing Corporation.
Figures released Friday show work began on a total of 84 new homes in the London Census Metropolitan Area, which includes London, St. Thomas, Central Elgin, Southwold Township, Strathroy-Caradoc, Thames Centre, Middlesex Centre, and Adelaide-Metcalfe.
In March of 2015, work started on 48 new homes.
The CMHC says, of the 84 housing starts, 72 were single detached homes while 12 were multiple unit dwellings. That compares to 40 single detached homes and 8 multiple unit dwellings in March of last year. But the pace of home construction has slowed in the London area this year. At the end of March 2015, work had begun on 337 new homes. So far this year, that figure is 292.
CMHC market analyst Anthony Passarelli says there has been a noticeable drop in multi-unit dwelling construction.
“Single-detached starts continued to trend up, offsetting the downward trend in multi-unit starts," he says. "The trend measure for single-detached starts now sits at its highest level in nearly five years. Single detached starts have grown at the same pace in the City of London and the rest of London CMA. Approximately seven out of every ten consistently occur in the City of London, as buyers remain satisfied with the premium paid to live closer to City of London amenities."
