Historically high housing starts for Metro Victoria
The Canadian Mortgage and Housing Corporation (CHMC) recently released a report and press release identifying a general increase in housing starts across the nation, especially in urban centres. The trend in housing starts was 226,777 units in December 2017, compared to 226,178 units in November 2017. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“Despite the variation in activity across the country, the national trend in housing starts held steady at its highest level since 2008,” said Bob Dugan, CMHC’s chief economist. “Apartment starts in urban centres were up 6.2% in 2017 compared to 2016.”
Metro Victoria finished 2017 with historically high housing starts.
Multi-family structures accounted for the majority of housing starts, with elevated rental market starts pushing the total starts to its highest level since 1976. December of 2017 reflected this trend, with a 70% increase in multi-family starts compared to the previous year. Metro Victoria’s housing market showed strong price growth and overheating throughout the year, giving builders and developers strong incentive to break ground on new projects. Victoria, Langford, and Saanich are seeing the highest housing starts.
CHEK 6 News contacted the Vancouver Island Construction Association (VICA) to hear what we had to say about the toll that's being taken on the industry to accommodate the demand for rental properties. Also featured in the segment is VICA Members Kinetic Construction (Mackenzie Varley, shown below) and Campbell Construction.
Tune in at 18:44 to view the segment.
View it here [18:44]: https://www.cheknews.ca/5pm-newscast-january-9-2017-405484/.
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