Marilyn Madden: Except from article " 30 years and Counting" by Will Dunning - Mortgage Journal - Broker Economics " Slower Starts Means Fewer Jobs": In Urban Canada, housing starts will fall by about 20,000 units in the low-rise sector and 35,000 units for apartment. In urban Canada, housing starts will fall to about 130,000 (versus a prior level of about 185,000). For all of Canada (urban plus rural areas) the drop will be from 205,000 to abut 150,000. Construction of new housing creates a lot of jobs, not just in the construction industry, but also in industries that supply goods and services to the construction process. Each low-rise dwelling results in at least 1.75 "person years" of employment; apartments result in at least 1.25 jobs per dwelling unit. In total, the housing market downturn will reduce housing starts by about 55,000 units, and reduce related employment by about 80,000 jobs. I suspect that the government did not consider this impact when it changed the mortgage insurance criteria last summer."
Posted on: Mon, 09 Sep 2013 15:42:30 +0000
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