{"id":85,"date":"2015-11-10T08:53:24","date_gmt":"2015-11-10T16:53:24","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=85"},"modified":"2015-11-10T11:06:08","modified_gmt":"2015-11-10T19:06:08","slug":"vancouver-housing-starts-grew-70-in-october-compared-with-one-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/11\/vancouver-housing-starts-grew-70-in-october-compared-with-one-year\/","title":{"rendered":"Vancouver Housing Starts Grew 70% in October Compared With One Year"},"content":{"rendered":"<p style=\"text-align: justify;\">The number of housing starts in the Vancouver area soared last month compared with October 2014, the Canada Mortgage and Housing Corporation announced November 9.<\/p>\n<p style=\"text-align: justify;\">In total, 2,089 units were started in the month, which is 70% higher than the 1,232 units started in the same month last year. The increase comes in spite of a 1% drop in starts of single-detached homes. Housing starts for all other home types more than doubled, jumping 102% from 840 last year to 1,700 this year.<\/p>\n<p style=\"text-align: justify;\">Using a six-month moving average of monthly seasonally adjusted annual rates, starts were trending at 21,595 units\u2014up just under 1% compared with September.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing starts trended higher this month as townhome and apartment construction increased,\u201d said Richard Sam, CHMC principal, market analysis for Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cLower inventories of newly completed and unsold condominiums have prompted builders to add more supply to the market.\u201d<\/p>\n<p style=\"text-align: justify;\">Year-to-date, starts for all home types in the city have grown compared with last year. In total, Vancouver saw a 9% increase in housing starts for all home types from 15,873 last year to 17,325 this year. Single-detached home starts increased 8% to 3,909 units and construction starts for all other home types grew 9% to 13,416 units.<\/p>\n<p style=\"text-align: justify;\">Across the province as a whole, starts were up 48% in October (2,839 units) compared with October 2014 (1,913). This was attributable to an 83% jump in starts of multiple-unit home types, which reached 2,081 units.<\/p>\n<p style=\"text-align: justify;\">The number of single-detached units started in British Columbia fell 2% to 758. Year-over-year, total starts increased 13% across the province, with 24,862 units started in October compared with 21,962 in the same month last year. This is again due to a jump in starts of multiple-unit homes, which increased 16% to 17,469 units. Single-detached units increased 8% to 7,393 units.<\/p>\n<p style=\"text-align: justify;\">The trend for units across Canada, on a seasonally adjusted, annual basis, was 198,065. This is down 14.4% compared with September, but BMO Economics\u2019 Benjamin Reitzes describes the latest data as \u201cstill healthy.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe pullback comes after starts averaged 223K over the prior two months, well above demographic demand of about 190K,\u201d Reitzes said.<\/p>\n<p style=\"text-align: justify;\">In the fist 10 months of the year, starts were trending at around 194,000, he said.<\/p>\n<p style=\"text-align: justify;\">The drop was related to a 22.4% decline in multi-unit homes, which fell to 122,187. Meanwhile, starts of single-detached houses increased 1.3%.<\/p>\n<p style=\"text-align: justify;\">Overall, Reitzes said while the dip in housing starts may push down GDP growth in 2015\u2019s fourth quarter, the drop is good for the market overall.<\/p>\n<p style=\"text-align: justify;\">\u201cIndeed, the chunky October decline was welcome, as continued building at the prior two months\u2019 pace would have increased concerns about overbuilding,\u201d he said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.biv.com\/article\/2015\/11\/vancouver-housing-starts-grew-70-october-compared-\/\" target=\"_blank\">Vancouver Housing Starts Grew 70% in October Compared With One Year<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of housing starts in the Vancouver area soared last month compared with October 2014, the Canada Mortgage and Housing Corporation announced November 9. In total, 2,089 units were &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/11\/vancouver-housing-starts-grew-70-in-october-compared-with-one-year\/\">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-85","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>Vancouver Housing Starts Grew 70% in October Compared With One Year &#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\/2015\/11\/vancouver-housing-starts-grew-70-in-october-compared-with-one-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Housing Starts Grew 70% in October Compared With One Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The number of housing starts in the Vancouver area soared last month compared with October 2014, the Canada Mortgage and Housing Corporation announced November 9. 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