On the surface, that may seem like bad news--particularly since it is down from a recent high of nearly 40,000 new homes in April (see graph).
But on a longer-term view, the housing construction sector in the province is still in fairly good shape. Over the period January to July 2012, total housing starts are still higher by 46 per cent compared to the same period last year.
The changes to the CMHC mortgage lending (i.e., reducing the amortization period from 30 to 25 years) is likely to have an impact on housing demand, and some of this many have been the cause of the dip in July. However, a strong economy and labour market means that Alberta's residential real estate is in much better shape than some of the other worry spots in the country.