Vancouver Real Estate Statistics 2008
Feb 08, 2008
Solid Vancouver Home Starts Point to a Robust Year Ahead
On the heels of one of the busiest years of new home construction, preliminary Vancouver Census Metropolitan Area (CMA) figures from the Canada Mortgage and Housing Corporation (CMHC) show home starts for January keeping pace with last year’s. A slight increase in multiple unit (semi-detached, townhouse and apartment) starts offset a small decline in single family homebuilding to keep the total number of home starts almost exactly on par with those in January 2007. Foundations were poured for 1,332 homes in January, with more than eighty per cent of those being multiple unit projects.
“Strong demand for the more affordable home types and condo-style amenities will keep builders focused on apartment and townhouse condominium projects. And with homebuyer demand expected to remain strong through this year and next, construction activity will stay at high levels,” according to Robyn Adamache, senior market analyst with CMHC.
The provincial numbers show that housing starts in BC’s urban areas were down eight per cent to 2,342 units in January, compared to the same month of 2007. Single detached starts increased by six per cent, while multiple unit home starts declined 11 per cent.
To view the graph, map and tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CMHC28charts.pdf
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