New Brunswick records increased housing starts for February

Housing starts upMagnifying glass

A recent report from the Canada Mortgage and Housing Corporation reveals that residential construction activity in New Brunswick's urban centers increased in February.

Preliminary data from the CMHC shows that a total of 25 starts were recorded during the second month of the year, compared with 22 starts during that same time last year.

"The rise in single starts was partially offset by fewer multiple starts during the month of February," said Claude Gautreau, CMHC's senior market analyst for New Brunswick.

In urban center across the country, total housing starts recorded in February represented a 15 percent increase to 11,498 units, compared with 10,024 this time last year. Single detached housing starts increased 2 percent to 3,487 units and multiple starts grew 21 percent to 8,011 units for the month.

Industry analysts and experts recently projected how the nation's housing market will look two years from now. It is yet to be seen how mortgage rates will play out, but sales of existing homes throughout the country are projected to increase slightly in 2012 before dropping in 2013, according to the Canadian Real Estate Association.

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