Despite a soaring unemployment rate, London housing starts were up in July.
The Canada Mortgage and Housing Corp. (CMHC) said there were 252 starts in London-St. Thomas and surrounding area, up 34% from July 2010.
But most of the increase was due to starts on two apartment buildings. Margot Stevenson, CMHC’s market analyst, said demand for condominium apartments appears to be strong.
But single-detached starts, considered a more reliable indicator of the overall market, were down sharply to 116, compared to 148 in the same month last year. That reverses a hopeful sign seen in June when single starts were up for the first time this year.
Overall housing starts in the London area are down 27% from January to July and single starts are down 29%.
On Friday, StatsCan said London unemployment jumped to 9.1% in July, the highest rate in Canada among large cities.
by Hank Danszewski, The London Free Press
http://www.lfpress.com/news/london/2011/08/09/18529226.html