New home starts slow in 2015

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The first month of the year saw home permit activity drop significantly. Just 6 permits were issued in January as compared to the 14 that were handed out a year before. City officials say that home renovations with a higher dollar figure along with some institutional building helped to soften the drop in numbers. In a recent projection the Canadian Mortgage and Housing Corporation said taht the lower oil prices would certainly impact housing starts in the area. CMHC officials stated that the city and area around us could see the new home housing market top out at between 180 and 185 new homes built unless the oil prices rebound quickly.