Despite continuing robust housing starts in Metro Vancouver, the number of new homes built in the region thus far in 2007 is still lower than at the same time last year, according to recent data from the Canada Mortgage and Housing Corp.
New home construction fell 5% between January and August 2007 compared with starts during the same period in 2006. Total number of new units built fell to 12,723 from 13,437 a year ago.
A 31% dip in single-detached home construction was cited as the main reason for the decrease in new units. The number of new homes built fell to 2,780 compared with 4,006 new single-detached units built between January and August 2006.
Fewer homes were built in Langley, Burnaby, Vancouver, Richmond and Surrey. The biggest drop was in Surrey, where only 960 new homes were under construction versus 1,569 year-to-date last year.
A 5% increase in multi-unit home construction in the region failed to offset the drop in single-detached homes. Multi-unit construction rose slightly to 9,943 units compared with 9,431 units year-to-date last year.
Despite the drop, the CMHC noted that, with fewer new homes being build and a limited number of MLS listings, demand and prices will remain strong in the short term.