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Vernon home starts trend upwards

Home construction took an upward swing in Vernon in 2013.

According to Canada Mortgage and Housing Corporation (CMHC), there were 165 starts in the Vernon area in 2012 but that number jumped to 194 for 2013.

“Both single-detached and multiple-family starts have trended steadily higher during the second half of 2013,” said Paul Fabri, CMHC market analyst. “Declining inventories of new, completed and unabsorbed homes coupled with rising MLS home sales have supported increased levels of new home construction.”

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market.

In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

 

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