Province
Greater Vancouver’s new housing construction sector took a modest breather last month as multiple starts fell 36 per cent to 820 units from a year ago, Canada Mortgage and Housing Corp. said yesterday.
But the relief for hard-pressed builders will be short, with several major projects coming on stream over the next few months.
“I am not worried by this at all,” said Peter Simpson, CEO of the Greater Vancouver Home Builders Association.
In August a year ago, housing-start figures included a major multi-unit project. This year, several major projects are on the way but not yet part of the latest figures, he said.
“Last month, single-family starts increased 11 per cent and overall starts this year are running 13 per cent ahead of last year, despite the fact that at the beginning of the year we were projecting some moderation,” he said.
So far in 2006 there have been 13,437 starts across the Lower Mainland, with single-family starts up 24 per cent at 4,006 units and multiples up eight per cent to 9,431.
© The Vancouver Province 2006
