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Big Increase in April Housing Starts for BC

The latest numbers for housing starts in BC indicate big increases for most municipalities. Year-to-date, BC has posted 9,267 starts vs 7,634 starts in last year. Victoria has posted 744 starts vs 251 in 2014.

According to CMHC,  “New home construction in Victoria is being supported by a strong resale home market, rising migration to the region, declining inventories of completed and unsold homes, and a low mortgage interest rate environment.”

This should provide incentive for consumers to seriously review the market and the opportunity to purchase a home. Existing prices represent very good value and prices will rise, perhaps significantly, if these numbers continue.

The CMHC report for Victoria is here.

The CMHC report for BC is here.

A Times Colonist news story is available here.

 

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