Metro Vancouver home building on pace to set record

Urban-area apartments drove surge to 39,000 starts last month: CMHC

2016 is shaping up to be a record year for housing starts in Metro Vancouver, according to Canada Mortgage and Housing Corporation.

In its recent report, urban area housing starts across B.C. reached just more than 39,300 units in November, up from 37,700 in October.

About 27,000 of those units began construction in Metro Vancouver, primarily made up of apartment projects in Vancouver.

In the Abbotsford-Mission area however, housing starts were down in November, at 965 units compared to 1,152 units in October. This downward trend extended across all home types.

“Total housing starts trended higher in November due to a large number of apartment starts in the City of Vancouver,” said Robyn Adamache, CMHC Principal Market Analyst for Vancouver.

Still, other major urban centres like Abbotsford, Mission, Kelowna, and Victoria are seeing about one-third more housing starts this year compared to last.

“2016 is shaping up to be a record year for housing starts as builders add much needed supply in the region.”

Despite the increase, Greater Vancouver Home Builders’ Association CEO Bob de Wit said development is still “generally under-built,” and that more homes are still needed than what’s being built.

Following the implementation of the foreign buyers tax in Metro Vancouver by the provincial government, de Wit said custom-built houses and renovations have slowed down as a result.

Cities also being affected include Kelowna and Victoria, markets where some foreign buyers have looked as an alternative where the new 15 per cent tax doesn’t apply and where buyers are look at the senior-alternative markets.

De Wit said BC Housing’s report on warranty registrations – set to be released Monday – will show a better picture of what the future of housing looks like.


@ashwadhwaniashley.wadhwani@bpdigital.caLike us on Facebook and follow us on Twitter.

Just Posted

Noted fiddlers bring kids to Surrey stage for ‘A Celtic Family Christmas’ concert

Bell theatre date for Natalie MacMaster and Donnell Leahy as they reunite for 23-city tour of Canada

South Surrey native wins ‘Oscars of hairdressing’ award

Simon James named Contessa 2019 Texture Hairstylist of the Year

Surrey-based business donates $1M to hospital’s children centre improvements

Surrey Hospital Foundation kicks off campaign for ‘transformation’ of children’s centre

OUR VIEW: Surrey’s unsung heroes inspire

The Now-Leader was proud to celebrate some deserving unsung heroes in this city on Wednesday night

North Delta family raising money for brain cancer treatment

23-year-old Tashina Janus and her family are raising funds to get her immunotherapy in the U.S.

Fashion Fridays: 5 coats you need this winter!

Kim XO, lets you know the best online shopping tips during Fashion Fridays on the Black Press Media Network

Hunter who saved B.C. man pinned inside smashed truck says ‘God was sending me to him’

Sayward man describes chance discovery of Duncan Moffat, 23, in northern Vancouver Island woods

Road-weary Canucks thumped 6-2 by Wild

Vancouver hosts the Montreal Canadiens on Saturday

Toronto private school didn’t report alleged sexual assault to police

Police say a sexual assault at an all-boys Catholic institution was not reported to them

China says butt out; Canada calls for release of “arbitrarily” detained Muslims

A Chinese foreign ministry spokeswoman accused Canada’s envoy of going beyond their diplomatic roles

Harsh storms have nearly tripled power outages in last five years, BC Hydro says

More frequent and severe storms have damaged Hydro’s electrical systems since 2013

Dead Saskatoon tattoo artist’s skin removed and preserved

The skin was removed in honour of the well known artist’s work

Lower Mainland couple missing in Thompson-Okanagan area

Barriere RCMP received a missing persons report for two senior overdue travellers

Vancouver Warriors cancel first 2 weeks of season as labour dispute continues

The announcement means games scheduled for Dec. 1 and Dec. 8 will no longer be played

Most Read