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BC Hits Historic Highs for Housing Starts

CMHC reports BC’s housing starts have posted their highest level since 1990 as all home types trended higher in June. CMHC’s Regional Economist Carol Frketich says,  “The inventory of new
completed and unsold (unabsorbed) homes is extremely low. As well, a lack of existing homes for sale, rising home prices and low rental vacancy rates have spurred new home construction, pushing British Columbia housing starts to historic highs.”

Victoria’s market is significantly up from 984 starts year-to-date in 2015 to this year’s 1,588 starts. Both single detached and multi-family are strong.

However, some CRD municipalities with restrictive zoning policies continue to lag behind which limits supply and drives up the cost of housing.  A recent report identifies restrictive zoning as a major cause of reducing supply and higher costs. 

BC stats are here.

Victoria stats are here. 

 

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