According to Canada Mortgage and Housing Corp. the slump in the economy will drive new home construction to a nine-year low in 2009. This prediction comes in stark contrast to what the Crown Corporation was saying in November.
In defense, Bill Clark, senior economist with CMHC, said that it was not possible last quarter to predict the economic decline we are now witnessing its impact on the economy.
Three months back CMHC conjectured that there would be 177,975 new homes built this year. On Thursday the figure was attuned to 160,250 a_" a level not seen since