Vancouver Housing Starts

Housing Starts

Canadian housing starts in increased in September, climbing to 7 per cent to a seasonally adjusted annual rate of 205,900 units.

Homes

New home construction in BC also increased, rising 18.5 per cent from last month to a seasonally adjusted annual rate of 27,400 units. Total third quarter housing starts in BC were 6,844 compared with 6,316 starts in the third quarter of last year. New home construction continues to be centered around multi-family units which accounted for 68 per cent of total starts in the third quarter.

Up and Down

Housing starts rose 8.5 per cent in Vancouver compared with September 2010 due to a 15 per cent increase in multi-family construction and a 12 per cent decline in single-family starts. New home construction in Abbotsford tumbled 33 per cent in comparison to August of last year. Housing starts in Victoria rose 5.6 per cent with both single family and multi-family starts running ahead of September 2010.

Generally Down

New home construction in Kelowna fell 20 per cent year over year due to weak activity in the multi-family sector. Construction activity also slowed in the North, with housing starts in Prince George half what they were last September.

“Copyright British Columbia Real Estate Association. Reprinted with permission.”

Image Credit

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Boombust Says:
October 11th, 2011 at 6:59 pm

When I see all those Hi-rises going up around Coquitlam Centre, I wonder how on earth they will sell them all.

Lower the prices I guess, he he…

October 11th, 2011 at 8:58 pm

@boom
ummm that would be plan ‘B’

BubbleBoy Says:
October 11th, 2011 at 11:15 pm

Those housing starts # bring jobs. But boy oh boy do we really need more inventory?

October 11th, 2011 at 11:29 pm

@bubbleboy
Sorry Bubbleboy I am not a fan of alarmists cleverly disguised as Fools – thus no link love

Reggie Says:
October 12th, 2011 at 7:02 pm

Whoa…listings appear to me to be on their way to setting new 12 months highs, perhaps bucking the trend of ’10 where listings fell sharply starting in October.

Of course, time will only tell.

Larry, always interested – any new/updated coffee talk as of late?

Hope your enjoying the fall weather, my kiddies are pining for Halloween already….pumpkins out…

October 12th, 2011 at 9:26 pm

@reggie
the idx numbers have actually been holding in the 24650 range for the last few days. The Dailies however took a little bump today. Not certain that it will continue to climb. Key here for the next little while is to watch the ‘price changes’ on the Dailies. Those have been quite strong and tell me sellers are making adjustments – no doubt with some prodding from their Realtor®.

Only coffee talk was a lunch with a buddy from the east side. He sold his listing after 10 days and had multiple offers. Sold at a couple of thousand above ask. He is pretty sharp with his evaluations so it was interesting to see that one go at his suggested price.

Other than that no particular coffee talk in the past week.

Halloween is/was my favorite time. I spent a number of years using junk (old plumbing and electrical stuff) to build and accumulate pneumatic displays that were combined into a corn maze. It finally got to be too much as I ran out of garage space and my wife wouldn’t let me buy another 5 hp air compressor to run some new stuff I had planned. I also found it ludicrous when one farmer up valley wanted to charge me $1.50 per stock of corn. As I needed about 800 stocks it became nuts to spend the money on something I would put in the green bin the next day. After a record of 1700 plus kids and 3000+ – candies in 3.5 hours it was time to call it quits as it was turning into a slightly dangerous crowd who even with a security guy to keep some control, made my house insurance guy start to worry about liability. In the second to last year Gloria Macarenko did the full CBC evening news from my front yard. It was a blast for the kids who all became instant hams as they displayed their costumes on television – that was fun to see as the little ones thought it a big deal! Overall even though it took a week to set everything up, it was a HOOT and worth every minute. I had a lot of fun.

If you like I still have some serious Halloween stuff to sell but you will need air and power to run it.

Boombust Says:
October 13th, 2011 at 6:16 am

I find it interesting that many people go wild with Halloween displays but can’t be bothered to put up a flag for Canada Day.

Reggie Says:
October 13th, 2011 at 10:26 pm

Boom:

I spent a couple of Canada Day’s in Ottawa….talk about national spirit..I quite honestly think that Canada should offer every Canadian a $250 tax credit towards a once in a lifetime trip to Ottawa during Canada Day….I’m a proud Canadian (of south asian origin) and this was a special experience…one that should be experienced by all of us….national spirit should not be reserved for when we have a canadian team in the stanley cup finals…

Van Coffee Says:
October 14th, 2011 at 12:56 pm

Boombust –
Your passive aggressive pass at Larry is so pathetic.

Grow a pair.

VC

Boombust Says:
October 14th, 2011 at 3:20 pm

“Your passive aggressive pass at Larry is so pathetic.”

I dunno what you’re talking about and couldn’t care less. I was only making an observation, that’s all.

I have noticed this many times. Just because you don’t get out much…

JRoss Says:
October 16th, 2011 at 4:53 pm

Passive aggressives don’t realize their own behaviour, and they deny when called on it.. It is part of the syndrome.

Thank you for the stats and stories Larry.

October 16th, 2011 at 5:09 pm

@jross, @boombust @van coffee

just to keep it clear – I do hang the ol’ Maple Leaf up for most of the year.

However, Wanda the Wicked Witch whom I discovered up in Anchorage Alaska many years ago and tracked her down to a Texas manufacturing company always gets the premier spot when she joins Ethelred for Halloween.

Now that you all bring this up I guess it’s time to climb the ladder for a changing of the guard.

**If you are keeping track:
As of this morning Active Listings hit 24,768 for the three lower mainland boards. Someone may know different but I can’t remember it being this high.

L8erdude Says:
October 17th, 2011 at 11:22 am

@Larry
“Active Listings hit 24,768”

You mean active listings haven’t been this high since, wait for it…last October?
The graph is in your “right track baby” thread.
Isn’t this called seasonally appropriate?

October 17th, 2011 at 2:09 pm

@l8rdude
Seasonally appropriate: possibly but in the past, sales have usually taken care of the increased number of listings that came to market in the fall. As you are aware sales are off quite a bit so seeing this listing inventory climb to these levels seems extraordinary.

With regard to your hint of snark –
to my knowledge, these numbers (for all three boards) weren’t being tracked. I began recording them last October so that is my reference point. If you have something better then by all means let’s have at it, if not, then – wait for it……. suck it up.

BubbleBoy Says:
October 17th, 2011 at 3:37 pm

Extraordinary is what we should watch closely. Especially in a market with downward pressure on pricing. This will be interesting in the coming months. Stay tuned!!

Boombust Says:
October 17th, 2011 at 6:46 pm

“Passive aggressives don’t realize their own behaviour, and they deny when called on”

How stoopid.

I was referring to ANYONE who puts that much effort into Halloween over Canada Day. Duh.

Just because YOU never thought to put up a fflag.

L8erdude Says:
October 18th, 2011 at 10:23 am

@ Larry

Sales for Sept are up over Sept of 2010. We’d expect around 2500 for this time of year so we’re off 10%. Why the panic?

October 18th, 2011 at 1:34 pm

@L8erdude,
Got me! I’m not panicking.

BubbleBoy Says:
October 20th, 2011 at 8:55 am

Larry:

Listings report for today?

Comment On This Post

will not be published
http://www.yourwebsite.com