A surge of multiple-unit projects continues to drive Vancouver’s new housing starts as builders look to provide affordable housing options in Vancouver’s hot real estate market.
Multiple-unit starts in the Vancouver census metropolitan area were up 56.4% year-over-year to 1,168 units in July, according to figures released this morning by Canada Mortgage and Housing Corp. (CMHC).
Multiple-unit housing starts were up 51.9% year-to-date relative to 2010, while single detached housing starts were down 26.2%.
Robyn Adamache, senior market analyst for CMHC, said demand for affordable housing is driving the push for condos, apartments and townhouses.
“If you look at the resale market, it’s really been single detached homes that are showing the most growth in prices, whereas on the apartment, condominium and townhouse side, the growth in prices has been a little bit more moderate,” she said.
“So I think what’s happening is builders are trying to provide more of those types of homes out there for domestic demand, first-time home buyers, people trying to get into the market.”
Adamache honed in on Richmond, Surrey, Vancouver, Burnaby, Coquitlam and Langley as key areas of growth for multiple-unit construction.
She added the Lower Mainland continues to dominate provincial housing growth thanks to the area’s strong economic situation, better job growth, a balanced resale market, and household growth of 16,000 to 20,000 new households annually.
Jenny Wagler
Twitter: JennyWagler_BIV