The number of new housing starts in B.C. almost doubled in February compared with the same month last year, according to preliminary figures from the Canadian Mortgage and Housing Corp. (CMHC).
They jumped to 2,446 units from 1,248 in February 2006. Almost 90% were apartments, condominiums and townhome units.
The largest increases in new housing starts were in Vancouver, Surrey, Burnaby and Coquitlam. Given the relatively low affordability of housing in B.C., builders in the province are focusing on multiple-family homes.
According to a recent Genworth Financial Canada report, first-time B.C. home buyers are twice as likely to buy a condo compared with first-time buyers elsewhere in Canada. Low-rise condos were preferred slightly more than highrise buildings.
According to a recent RBC report, B.C. is one of the least affordable provinces in which to buy a home.
B.C. homeowners need to dedicate about 67% of their pre-tax income to own a detached bungalow, 71% for a two-storey home, 50% for a standard townhouse, but only 36% for a standard condo.