{"id":16992,"date":"2020-12-08T10:10:00","date_gmt":"2020-12-08T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16992"},"modified":"2020-11-25T14:24:25","modified_gmt":"2020-11-25T22:24:25","slug":"home-construction-remains-considerably-lower-than-activity-recorded","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/","title":{"rendered":"Home Construction Remains Considerably Lower Than Activity Recorded"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<p style=\"text-align: justify;\">Home construction across British Columbia slowed down for the second straight month in October, with builder activity resembling 2020\u2019s low point in April.<\/p>\n<p style=\"text-align: justify;\">The Canada Mortgage and Housing Corporation (CMHC) said last week that there were 28,313 annualized housing starts in October, nearly eight percent lower than September\u2019s total.<\/p>\n<p style=\"text-align: justify;\">Housing starts measure how many homes began construction during a given period and are viewed as a key factor in determining market health.<\/p>\n<p style=\"text-align: justify;\">In a research note, Central 1 Credit Union Deputy Chief Economist Bryan Yu wrote that October\u2019s weakness means home construction in the province is on track for a 20 percent decline in 2020.<\/p>\n<p style=\"text-align: justify;\">A significant drop in multi-family starts \u2014 the technical term that primarily covers condos \u2014 were to blame for the sharp overall decline seen last month, Yu wrote. The weakness in the multi-family segment offset a small increase recorded in detached home construction.<\/p>\n<p style=\"text-align: justify;\">From a local perspective, the Vancouver region saw the largest decline in housing starts last month while Victoria and Abbotsford-Mission saw increases.<\/p>\n<p style=\"text-align: justify;\">The weak October showing means that home construction remains considerably lower than activity recorded in 2019. Yu pointed out that the cool down in housing starts stands in stark contrast to the robust activity seen in the resale housing market.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile it is natural to associate the drop in starts to the pandemic, this has not been the main driver,\u201d Yu wrote.<\/p>\n<p style=\"text-align: justify;\">\u201cRecord housing starts in 2019 has given way to some normalization, however, the slowdown also reflects fewer condo presales in recent years following policy changes to curtail demand. Fewer projects in the pipeline has resulted,\u201d he continued.<\/p>\n<p style=\"text-align: justify;\">There are likely brighter days ahead for BC home construction, with the immigration slowdown and lack of student renters being only temporary factors hurting investor demand for new housing projects, Yu wrote.<\/p>\n<p style=\"text-align: justify;\">The strong resale market is another reason to believe a rise in home construction will be on the horizon after a down year in 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/11\/bc-home-construction-decline-2020.html\" target=\"_blank\" rel=\"noopener noreferrer\">BC Home Construction on Track for 20% Decline in 2020<\/a> by Sean MacKay | Livabl<\/p>","protected":false},"excerpt":{"rendered":"<p>Home construction across British Columbia slowed down for the second straight month in October, with builder activity resembling 2020\u2019s low point in April. The Canada Mortgage and Housing Corporation (CMHC) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16992","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Construction Remains Considerably Lower Than Activity Recorded &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Construction Remains Considerably Lower Than Activity Recorded &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home construction across British Columbia slowed down for the second straight month in October, with builder activity resembling 2020\u2019s low point in April. The Canada Mortgage and Housing Corporation (CMHC) &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Home Construction Remains Considerably Lower Than Activity Recorded\",\"datePublished\":\"2020-12-08T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/\"},\"wordCount\":339,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/\",\"name\":\"Home Construction Remains Considerably Lower Than Activity Recorded &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2020-12-08T18:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/home-construction-remains-considerably-lower-than-activity-recorded\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Home Construction Remains Considerably Lower Than Activity Recorded\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Home Construction Remains Considerably Lower Than Activity Recorded &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/","twitter_card":"summary_large_image","twitter_title":"Home Construction Remains Considerably Lower Than Activity Recorded &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Home construction across British Columbia slowed down for the second straight month in October, with builder activity resembling 2020\u2019s low point in April. The Canada Mortgage and Housing Corporation (CMHC) &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Home Construction Remains Considerably Lower Than Activity Recorded","datePublished":"2020-12-08T18:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/"},"wordCount":339,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/","url":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/","name":"Home Construction Remains Considerably Lower Than Activity Recorded &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2020-12-08T18:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2020\/12\/home-construction-remains-considerably-lower-than-activity-recorded\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Home Construction Remains Considerably Lower Than Activity Recorded"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/16992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=16992"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/16992\/revisions"}],"predecessor-version":[{"id":16993,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/16992\/revisions\/16993"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=16992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=16992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=16992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}