New Home Construction On The Rise in BC. - Squamish Real Estate
July Housing Starts - August 9, 2011
New home construction in Canada rose 4.3 per cent in June to an seasonally adjusted annual rate (SAAR) of 205,100 units. Housing starts in BC rebounded from a poor showing in June, rising 33 per cent from 21,000 units (SAAR) to 28,000 (SAAR) units in July. New home construction in BC was also 36 per cent higher than July 2010.
Looking at BC CMAs, construction in Abbotsford was up 40 per cent year-over-year, Kelowna bounced back somewhat as total construction was over 2.5 times higher than last July and Victoria new home construction jumped 44.9 per cent. Vancouver new home construction continued to be driven by the multi-family sector where construction rose 56 per cent over last year, more than offsetting a slight decline in single-family construction and leading to a 36 per cent over-all increase over last July.
Year-to-date, total urban starts are up 4.4 per cent over 2010 but construction has been heavily tilted toward multiples (up 32.4 per cent) while single-family construction is about one-third lower than last year.
Squamish Real Estate...Made Easy
Morgan Rice
604-849-2668
