February housing starts up 24% year-over-year – Metro Vancouver Real Estate Market Update 2012
Canada Mortgage and Housing Corp. (CMHC) reported a 24% increase in housing starts in the Vancouver Census Metropolitan Area (CMA) in February compared with the same month a year ago.
The CMHC recorded 1,870 housing starts compared with 1,414 starts in February 2011.
“Nearly 90% of housing starts were multiple-family homes,” said Robyn Adamache, CMHC senior market analyst.
“Apartment starts accounted for the year-over-year increase, while starts of other housing types were slightly below levels recorded in February last year.”
Most home starts were in the cities of Vancouver, New Westminster, Port Moody and North Vancouver.
An increase in townhouse starts boosted construction in the Abbotsford-Mission CMA, where 64 housing starts were reported, up from 25 starts recorded in February 2011.
Across the province, the CMHC reported reports 2,302 housing starts in urban areas of the province during February, up from 1,805 the previous February.
Multiple-family construction increased compared with February 2011 levels, while the number of single-detached housing starts was down slightly.
Carol Frketich, CMHC’s B.C. regional economist, said, “Residential construction activity during the first two months of 2012 is ahead of last year’s levels due to strength in a number of housing markets around the province.”
Along with Vancouver and Abbotsford-Mission, Nanaimo, Victoria Vernon and Chilliwack recorded an increase in housing starts so far this year, compared with January and February 2011.
Source, Image: Business in Vancouver, recent settlers
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