Vancouver housing starts still on the rise
May 08, 2018
This March saw an increased volume of housing starts in Vancouver, making it a strong first quarter in the Vancouver Census Metropolitan Area, according to Canada Mortgage and Housing Corp. (CMHC). Starts of multi-family condominium and rental units led the increase, with activity concentrated in the core areas of the City of Vancouver, Richmond and North Vancouver in the first quarter of this year. Demand for new homes continues to be supported by strong migration, household formation and employment growth.
Overall, Canada experienced an increase in housing starts as well, with 226,842 units in March 2018, compared to 225,804 units in February 2018. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“In March, the national trend in housing starts was stable for the fifth consecutive month, as diverging trends for multi-unit and single-detached dwellings continue to offset each other,” says Bob Dugan, CMHC’s chief economist. “Over this period, multi-unit starts have trended higher in most major urban centres while single-detached starts have trended lower.”
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market.
For more information, visit cmhc-schl.gc.ca
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