CMHC released statistics for February 2009 last week and I have finally had a few minutes to look over them and put together some charts.
Starts were 701.
Completions were 1241.
Units under construction fell to 25,097. We still have a long way to go down here.
The number of completed yet unsold units is skyrocketing and currently stands at 2391. Contrast that with one year ago at 1384. Despite the best efforts of the developer's marketing firms, new units just ain't sellin'. It could be that they are unaffordable for the average person and that there are very few greater fools left.