Vancouver Real Estate - New Housing Starts Drop!
There is a distinct split between the single-family and multi-family
new home construction this year. While multi-family construction
is on pace for over 30 per cent growth, single-family units will
likely end the year down 20 per cent. Moreover, the elimination
of the HST in 2013 may further hinder activity in the HST sensitive
Vancouver new home market in 2012 if consumers delay their
purchase to avoid paying the tax. We estimate a 16 per cent
increase in total starts in 2011 based on 31 per cent growth in
multi-family starts and a 21 per cent decline in single-family
starts. We anticipate a 6 per cent decline in total housing starts in
2012 as the pace of multi-family starts slows.
reprinted with permission BCREA
