Calgary new home construction slows in October

The pace of new home construction in Calgary slowed slightly in October.

There were a total of 627 housing starts last month, compared to 1,078 during the same month last year.

Housing starts were also down from September, when there were 1,205 total dwellings under construction.

• Calgary's economy has shifted from 'recession' to slow 'recovery,' economists predict
• Calgary housing market red flagged again in latest CMHC report

The figures come from the Canada Mortgage and Housing Corporation (CMHC).

In a written statement, Richard Cho, CMHC's market analyst for Calgary, said thethe slower pace of construction is mostly due to the condo sector.

"Demand for new homes has moderated, especially in the condo market, due to full-time job losses, slower income and population growth, and higher supply levels," said Cho.

Since the start of the year, Calgary has seen 7,525 total housing starts, down from 10,909 during the same period in 2015.

The national picture is similar, with the seasonally adjusted rate for multiple-unit urban housing starts falling 15.3 per cent year over year.

• MORE NEWS|Why Calgary's and Edmonton's job markets are so different?
• MORE NEWS|Cougar encounters on the rise near Calgary, says local councillor