Metro Vancouver housing starts for January, 2012
CMHC reported on January 8, 2012 that "housing starts in metro Vancouver were 8% higher at 1,555 compared to 1,436 in January 2011. British Columbia’s urban centres were up 28% in January compared to December" Condominiums at 74% of the total housing starts are the dominant sector for new construction permits. View homes for sale in Greater Vancouver, Fraser Valley and Chilliwack.
multiple-family starts accounted for about four-fifths of the housing starts in urban areas of the province, mostly in Vancouver, Burnaby, Nanaimo, Coquitlam and Surrey.
Statistics Canada released census data showing B.C.’s population grew to 4.4 million over the last five years, making it the second-fastest growing province next to Alberta.
In Metro Vancouver, there were 1,555 housing starts in January 2012, 1,155 of them multi-family, compared with 1,436 starts, 1,256 of them multi-family, in January 2011.
There are many reasons for the growth in multi-family housing in urban areas. Cost of housing, demographics and lifestyle are the main factors for the growth in multi-family construction. The trend toward multi-family construction will continue as condos and townhouses are more affordable to home buyers. More people moving to B.C. and baby boomers downsize are important factors for the growing trend for multi-family developments.
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