Low oil prices affect new Calgary housing demand in 2015, says CMHC

Low oil prices hit the housing constructionmarket in Calgary in 2015, according to the latest numbers from the Canada Mortgage and Housing Corporation.

Fewermulti-family homes were builtbecause of lower employment, people leaving the province and concerns about the economy, CMHC says.

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"Total housing starts trended lower in December as the decline in multi-family construction offset the slight gain in single-detached starts," said Richard Cho,CMHC'sprincipal ofmarket analysisfor Calgary.

"New home demand in 2015 has moderated as employment, migration and consumer confidence have been impacted by low oil prices," he said.

Housing starts in the city and surrounding area were trending at 12,716 units in December compared to 14,388 in November, CMHC said, in a release.

To the end of December, actual housing starts reached 13,033 compared to 17,131 during the same period in 2014, it says.

CMHCprovides research and information on housing to governments, consumers and the housing industry.