According to the CMHC housing starts are up in Vancouver compared to the same time last year, with the largest growth in the Multi family home category.
The multifamily home category has jumped up by 39% more then last year. Families are looking for less expensize, good return on investment in a more populated area, making multi family homes more desirable to buyers. Buyers are also skeptical of higher priced detached homes because they want to avoid the HST threshold of $525,000.
The Construction Hot Spots in 2011 are North Vancouver, richmond and the Tri-City area.
BC's September seasonally adjusted annual rate of urban housing starts moved higher to 27,400 units from 23,100.