Credit curbs are prompting the cancellation of one existing home sale for every three new contracts signed,that threatens to send builders to the wall as activity dries up.
A particularly grim forecast for the industry battling one its toughest downturns in recent history is that work will slow “from mid-2023″, in the HIA’s words, as the lack of new work gives builders, still completing their“For every three new sales that builders are recording each month, an earlier sale is being cancelled,” the report says.
Multi-unit housing starts – of apartments, townhouses and semidetached homes, the sort most in demand for newly arrived migrants and renters – totalled a decade-low 63,240 last year.
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