Housing starts fell 59 per cent in Saskatchewan on a year-over-year basis in April, according to the latest numbers from Canada Mortgage and Housing Corp.
The report shows there were 202 single-detached housing starts in the province during the month, down 35 per cent from a year earlier.
All other housing starts in Saskatchewan plunged 74 per cent to 128 in the same period.
Regina’s housing starts declined eight per cent to 117, while Saskatoon saw a whopping 79 per cent drop to 116.
“Economic growth is moderating in Saskatchewan. We’re seeing the housing market beginning to favour the buyer,” said Lai Sing Louie, a regional economist with CMHC.
“Inventory levels are rising, so that’s a signal for builders to channel sales to inventory and back off a little bit in terms of new construction.”
Louie said housing starts in Saskatchewan are expected to continue to decrease in the months ahead, but he says those declines shouldn’t be as steep as the one seen in April.
