{"id":9975,"date":"2018-08-06T10:10:11","date_gmt":"2018-08-06T17:10:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9975"},"modified":"2018-08-01T11:31:25","modified_gmt":"2018-08-01T18:31:25","slug":"metro-vancouver-leads-bcs-housing-starts-stall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/metro-vancouver-leads-bcs-housing-starts-stall\/","title":{"rendered":"Metro Vancouver Leads BC&#8217;s Housing Starts Stall"},"content":{"rendered":"<p style=\"text-align: justify;\">BC housing starts sank in June as a steep decline in the Vancouver Census Metropolitan Areas (CMA) offset gains elsewhere in the province. Total urban-BC starts fell to a seasonally adjusted annualized rate (SAAR) of 34,300 units down 15% from the 40,600 unit pace in May and 9.8% below year-ago levels. Provincially, multi-family construction fell 21% from May to 24,600 units while detached starts rose by a modest 4.4% to 9,700 units SAAR.<\/p>\n<p style=\"text-align: justify;\">Starts in the Vancouver CMA fell from a 26,500 pace in May to 17,000 in June to account for most of the decline. While the lowest since January 2017, volatility is the norm and a bounce back in July would not surprise. That said, the trend has eased from a near-record fourth quarter. Capacity factors may be holding back starts given a record high number of units under construction and rising construction times.<\/p>\n<p style=\"text-align: justify;\">Offsetting this drop were steady but elevated starts in Kelowna and a surge in Victoria-area activity. Population and strong employment growth in the latter have contributed to increased construction in recent years.<\/p>\n<p style=\"text-align: justify;\">Year-to-date growth narrowed to 2.8% from 6.2% in May. Combined apartment and townhome units were still 6% higher than 2017\u2019s first half, reflecting a shift toward affordable condominium and townhome product as well as a rise in rental construction. Kelowna CMA starts fell 30% through the first half, with Abbotsford-Mission down more than 60% due to fewer multi-family starts.<\/p>\n<p style=\"text-align: justify;\">Inclusive of rural BC, housing starts are forecast to ease 3.5% to 42,000 units this year.<\/p>\n<p style=\"text-align: justify;\">Recent Labour Force Survey estimates have pointed to a slide in the number of people working in BC While natural to attribute this erosion to a weaker demand environment, job-vacancy data suggest intensifying labour shortages, which could be constraining hiring.<\/p>\n<p style=\"text-align: justify;\">First-quarter job vacancies in BC ballooned 35.7% from same-quarter 2017 to reach 92,680 positions. This was the second-largest increase among provinces, behind only Quebec. The Lower Mainland-Southwest saw the addition of 16,710 vacant positions (up 34%) from the previous years.<\/p>\n<p style=\"text-align: justify;\">BC\u2019s job-vacancy rate rose one percentage point from a year ago to 4.2% and compared with a national job-vacancy rate of 2.9%. The gap suggests significant labour shortages and skills mismatch in BC, in part reflecting a period of strong growth and hiring in recent years.<\/p>\n<p style=\"text-align: justify;\">Among economic regions, job-vacancy rates were highest in the Lower Mainland-Southwest, Thompson-Okanagan and the Northeast, at above 4%. These areas represented three of the four highest job-vacancy rates in Canada. \u2022<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2018\/08\/metro-vancouver-leads-bcs-housing-starts-stall\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Leads BC&#8217;s Housing Starts Stall<\/a> by Bryan Yu | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC housing starts sank in June as a steep decline in the Vancouver Census Metropolitan Areas (CMA) offset gains elsewhere in the province. Total urban-BC starts fell to a seasonally &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/metro-vancouver-leads-bcs-housing-starts-stall\/\">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-9975","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Leads BC&#039;s Housing Starts Stall &#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\/2018\/08\/metro-vancouver-leads-bcs-housing-starts-stall\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Leads BC&#039;s Housing Starts Stall &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BC housing starts sank in June as a steep decline in the Vancouver Census Metropolitan Areas (CMA) offset gains elsewhere in the province. 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