{"id":6763,"date":"2017-08-24T10:10:51","date_gmt":"2017-08-24T17:10:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6763"},"modified":"2017-08-22T19:34:51","modified_gmt":"2017-08-23T02:34:51","slug":"builders-showed-no-sign-of-slowing-construction","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/08\/builders-showed-no-sign-of-slowing-construction\/","title":{"rendered":"Builders Showed No Sign of Slowing Construction"},"content":{"rendered":"<p><a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-6764\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/1-300x104.jpg\" alt=\"\" width=\"583\" height=\"202\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/1-300x104.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/1-768x266.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/1-1024x355.jpg 1024w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/1.jpg 1441w\" sizes=\"auto, (max-width: 583px) 100vw, 583px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Builders showed no sign of slowing construction in July as BC housing starts rebounded to a historically strong pace following a brief June pullback.<\/p>\n<p style=\"text-align: justify;\">Provincial housing starts in urban areas rose to a seasonally adjusted annualized rate (SAAR) of 45,600 units, up 20% from June\u2019s pace of 38,100 units.<\/p>\n<p style=\"text-align: justify;\">Starts have averaged a pace of more than 42,000 (SAAR) since March after a weak start to the year.<\/p>\n<p style=\"text-align: justify;\">High housing demand, low resale and new-home inventory, rising prices, and strong pre-sale conditions have underpinned construction activity.<\/p>\n<p style=\"text-align: justify;\">Policy measures to cool the market, including tighter mortgage insurance qualification criteria and the foreign-buyer tax, have had few ill effects on new-home activity.<\/p>\n<p style=\"text-align: justify;\">July\u2019s rebound was owed to a 17% increase in the Vancouver census metropolitan area (CMA), reversing a prior month drop-off and a more than doubling of starts in Victoria.<\/p>\n<p style=\"text-align: justify;\">July\u2019s uplift narrowed the year-to-date decline from 2016\u2019s near-record highs in urban starts to 4.4% from 9% at mid-year.<\/p>\n<p style=\"text-align: justify;\">Vancouver CMA starts were still 13% lower than a year ago, but were partly offset by strong gains in Abbotsford-Mission (46%), Kelowna (67%) and Nanaimo (27%).<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-6765\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/2-300x122.png\" alt=\"\" width=\"580\" height=\"236\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/2-300x122.png 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/2-768x313.png 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/08\/2.png 910w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><\/a><\/p>\n<p>Expect high levels of new home construction to persist. June residential permits rose 6% from May and have climbed four consecutive months.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the Metro Vancouver housing market has recovered in 2017 following a slowdown during the second half of 2016.<\/p>\n<p style=\"text-align: justify;\">While the effect of the foreign-buyer tax still lingers, the strong economy and the contribution of the provincial down payment purchase program have provided a lift.<\/p>\n<p style=\"text-align: justify;\">Market dynamics have changed over the past year as is evident when looking at sales by price range.<\/p>\n<p style=\"text-align: justify;\">Essentially, sales of luxury homes (those costing $2 million or more) and higher-priced homes ($1.5 million to $2 million), equating to about 15% of the total market, have dropped sharply, by 35% to 40% from a year ago.<\/p>\n<p style=\"text-align: justify;\">Demand has dropped due to the foreign-buyer tax, while quick gains from the sharp drop in the Canadian dollar have also dissipated with higher prices.<\/p>\n<p style=\"text-align: justify;\">In contrast, sales have been relatively stronger in the $500,000 to $1 million range and $1 million to $1.5 million level, which are in reach for domestic professionals and move-up buyers, signalling strong demand from the local market. \u2022<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/8\/housing-construction-rebounds-july\/\" target=\"_blank\" rel=\"noopener\">Housing Construction Rebounds in July<\/a> by Bryan Yu | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Builders showed no sign of slowing construction in July as BC housing starts rebounded to a historically strong pace following a brief June pullback. Provincial housing starts in urban areas &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/08\/builders-showed-no-sign-of-slowing-construction\/\">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-6763","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>Builders Showed No Sign of Slowing Construction &#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\/2017\/08\/builders-showed-no-sign-of-slowing-construction\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Builders Showed No Sign of Slowing Construction &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Builders showed no sign of slowing construction in July as BC housing starts rebounded to a historically strong pace following a brief June pullback. 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