Housing starts in St. John's hit lowest numbers in 6 years
New-home construction in St. John's hit a wall in 2014, dropping to the lowest number of starts in the last six years, according to Canada Mortgage and Housing.
Building starts in the city were down 17 per cent at the end of July.
However, Coun. Bruce Tilley, the chair of the city's economic development committee, said there's no reason for concern.
"Our economy is very positive. Last year, we approved $235-million worth of work and this year we're at $234-million, so it's pretty well even," said Tilley.
"Driven by the offshore and driven by the mining and other aspects of industry, we're doing very well here in St. John's."
Tilley said the market continues to move toward condo and apartment building developments, which he said fits in with the city's latest municipal plan.
The latest plan from St. John's proposes more condensed living neighbourhoods to avoid further urban sprawl.