Metro Vancouver builders have returned to building condominiums in a big enough way to push up the region’s overall housing starts this year while the number of single-family homes is declining, according to new numbers from Canada Mortgage and Housing Corp.
The pace of new-home construction in June declined from an unexpected frenzy of starts in May, according to Robyn Adamache, a Canada Mortgage and Housing analyst in Vancouver. However, the 8,472 total housing starts recorded in Metro Vancouver at the end of June represented a 23-per-cent increase from the same period of 2010.
Of those starts, 6,813 were multi-family homes — condominiums and townhouses — which was a 51-per-cent increase from starts during the same period of 2010. On the other hand, the 1,659 single-family-home starts for the same period represented a 30-per-cent decline.
This is good news as it indicates the market is healthy enought to absorb new product