September was a slower month for home builders in the London area, compared to September of last year.
Figures released Thursday by the Canada Mortgage and Housing Corporation show work began on 105 new homes in the London-St. Thomas area, compared to 219 in September 2014.
Builders started work on 83 single-detached homes, a substantial drop from the 153 last September. Work also began on 22 multi-unit dwellings, down from 66 in September 2014.
However, the CMHC says we're still on track for a better year. So far, work has begun on a total of 1,662 new homes in the London-St. Thomas area. At this time last year, that figure was 1,536.
"Despite a slow September, the housing starts trend remained above estimated annual household formation in London in recent years," says Anthony Passarelli, Senior Market Analyst with CMHC. "Greater job growth this year has supported greater household formation, leading to higher starts in the past six months."
The year to day increase is largely the result of construction of multi-unit dwellings, which saw an increase from 667 last year to 919 this year.
