New home construction in Greater Vancouver increased by almost 50% in May compared with the same time last year, according to the Canada Mortgage and Housing Corp.
Multiple-unit construction was the driving force behind the upturn as 1,902 residential units were started in May compared with 1,267 units in May 2006.
The increase bucks the year-to-date trend of declining new housing starts in Vancouver, which is still 12% below the number of units under construction for the first five months of last year. Construction has started on just under 7,660 units thus far this year compared with 8,664 units in the same period last year.
A 38% year-to-date drop in the number of new single-detached home starts is to blame for the cumulative decline as families look to buy more affordable condominiums and townhouses.
Vancouver's figures are consistent with a provincial trend in which multiple-unit starts have increased by 66% while single detached have dropped 11%.