Housing starts in the Vancouver Census Metropolitan Area (CMA) totalled 15,217 in 2010, up from 8,339 in 2009 and close to their 10-year average, according to a report released by the Canada Mortgage and Housing Corporation (CMHC) on Tuesday.
Carol Frketich, an economist with CMHC, said the uptick in housing starts indicates a strengthening of Vancouver’s real estate market and the economy at large.
“It reflects demand for new homes in the real estate market in Vancouver,” she said. “Factors behind that are favourable mortgage rates, a relatively strong employment picture – Vancouver has seen some good job growth in the last year or so – and, in general, a stronger economy. We’re seeing some more momentum in the B.C. economy and in Vancouver as well. Vancouver also has population growth that fuels demand for housing.”
The report noted 2010 housing starts totalled 4,075 in the City of Vancouver, 1,288 in Burnaby and 3,617 in Surrey.
The report also indicated a strong number of December 2010 housing starts, rising to 1,715 from 1,010 year over year.
In the City of Vancouver, there were 410 housing starts in December, up from 343 the prior year. In Burnaby, there were 273 housing starts that month, up from 208 the previous year. And in Surrey, there were 259, up from 221 the prior year